Linius Technologies Limited announces an AU$631,500 placement

Linius Technologies Limited (ASX:LNU) announced that it had received firm commitments from professional and sophisticated investors to raise AU$631,500. The placement consists of 210.5 million fully paid ordinary shares at AU$0.003 per new share. The issue price represents a discount of 10.1% to the 15-day VWAP. The shares issued under the placement will be treated equally with existing Linius fully paid ordinary shares on issue.

The funds received from the placement will be used to generate a new pipeline and drive opportunities for near-term recurring revenue. This placement coupled with recent cost reductions, provides time for management to deliver services and generate Monthly Recurring Revenue and helps the company in rapidly increasing its cash position.

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