Cipherpoint has raised $750,000 through a capital raise in order boost group activity with commercial deals.
The raising round, which was based on 150 million shares selling for $0.005 apiece, were purchased mostly by “existing top shareholders”, with Cumulus Wealth and Peak Asset Management leading the pack as joint leaders.
According to a statement on the Australian Securities Exchange (ASX), the money will go towards the bolstering the business’ groups as they ramp up commercial activities following key customer wins, with LendLease Retirement Living and Healius named as two examples.
“This capital raise will deliver funds to the group’s businesses to enable us to ramp up resources on the delivery of a number of key commercial projects,” Cipherpoint CEO Bryan Saba said.
“I am pleased with the support received by our existing top investors and look forward to providing further updates on our turn-around journey as we continue to execute on a strategy of cost focus and commercial growth.”
The LendLease deal, which is valued at $1.7 million and went through recently acquired managed services provider (MSP) ExciteIT, covers the provision of provide hardware, software, discovery, security and design services over a six-month period.
Meanwhile, the Healius contract, which has a $540,000 price tag attached and also went through ExciteIT, is for a contract to roll out voice-over-IP telephony also over six months.