I Synergy Group Limited receives firm commitments for AU$1.4 million

I Synergy Group Limited (ASX: IS3) announced that it had received firm commitments from institutional, sophisticated, and professional investors to raise AU$1.4 million. The placement comprised the issue of approx. 28,571,428 fully paid ordinary shares at an issue price of AU$0.049 per new share, and the issue price represents a 4.2% premium to the last traded share price before the placement. In addition to the placement, the company will also issue one free attaching option for every one share subscribed for under the placement with the exercise price of AU$0.07 per option and an expiry date of two years from the date of issue.

The fund raised from the placement will be used to support the

• Previous operations and expansion in Malaysia
• Technology development for commercialisation of the products and services of the company comprising its VTRAK and Rewalty platforms
• Operations and expansion in South-East Asia, principally Indonesia
• Administrative and other corporate costs.

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