Plexure Group raises $1.6 mln through issue of convertible notes

Friday 3rd February 2017

Plexure Group, the digital advertising firm formerly known as VMob, raised $1.6 million through an issue of convertible notes and the funds will be used to support ongoing operations.

The notes have a face value of $1 per note and are redeemable nine months from the date of issue, with the conversion date falling on Nov. 3, 2017, it said in a notice to the NZX. Interest is payable at 8 percent and they can be converted to shares at the end of the nine months at a price of 28 cents a share. Conversion or repayment is at the choice of the holder.

In early January the company said it passed $10 million in annualised committed monthly revenue (ACMR) after signing a new $1 million contract with an undisclosed client.

The company had been targeting $10 million in ACMR - a favoured revenue measure for software-as-a-service companies - by the end of calendar 2016, and announced a new $1.1 million contract with Arcos Dorados Inc, the biggest McDonald's franchisee in Latin America and the Caribbean, on Dec. 30.

The shares were unchanged at 27 cents.

BusinessDesk.co.nz

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