Cipherpoint Ltd (ASX:CPT) has closed its $500,000 share purchase plan (SPP) well oversubscribed following strong support from existing shareholders.
Acceptances totalling $1,264,500 were received, more than two times the maximum subscription of $500,000.
Due to the over-subscriptions, applications will be scaled back on a pro-rata basis according to the number of SPP shares applied for.
As a result, each accepting shareholder will receive approximately 40% of their SPP application amount, with the balance of application funds to be returned to them.
New European contract
The SPP was extended on May 19 to allow Cipherpoint to progress various sales and corporate opportunities.
Cipherpoint won a small order for the use of cp.Discover through its partner in Singapore with further orders expected and gained a major new European customer in the Bank of Finland in early June.
After extensive trials and testing Cipherpoint entered into an agreement with Bank of Finland to licence its cp.Protect product to enable segregation of highly sensitive business data within the organisation’s unstructured data repositories.
Shares are 16% higher at 2.9 cents.