Locate Technologies Raises $316,500 via ATM Share Issuance to Novus Capital
Locate Technologies Limited has raised $316,500 by issuing 2.4 million shares to Novus Capital under its At-the-Market Facility, aiming to bolster its balance sheet amid ongoing growth in last-mile delivery technology.
- Raised $316,500 through ATM share issuance
- Issued 2.4 million shares at approximately $0.132 each
- Shares issued to Novus Capital Limited
- Funds to strengthen balance sheet per Treasury Management Policy
- Utilizes 15% placement capacity under ASX Listing Rule 7.1
Capital Raise to Support Growth
Locate Technologies Limited (ASX, LOC), a player in the SaaS-based last-mile delivery optimisation space, has announced a fresh capital raise of $316,500. The funds were raised through the issuance of 2.4 million shares to Novus Capital Limited under an existing At-the-Market (ATM) Facility Agreement. This move is designed to replenish shares previously provided as collateral and to strengthen the company’s balance sheet.
Strategic Use of ATM Facility
The ATM facility allows Locate Technologies to raise capital flexibly by issuing shares directly to Novus Capital at prevailing market prices, in this case averaging around $0.132 per share. The shares were issued under the company’s 15% placement capacity as permitted by ASX Listing Rule 7.1, enabling the company to raise funds without the need for shareholder approval. This approach reflects a pragmatic use of available capital-raising mechanisms to maintain financial resilience.
Backing Last-Mile Delivery Innovation
Locate Technologies operates platforms such as Locate2u and Zoom2u, which leverage AI and cloud infrastructure to optimise last-mile delivery logistics, a sector experiencing rapid growth and increasing competition. Strengthening the balance sheet ensures the company can continue investing in technology development and operational scaling, crucial for maintaining its competitive edge in a dynamic market.
Looking Ahead
While the announcement does not detail specific operational plans tied to this capital injection, it signals a cautious but confident approach to financial management. The company’s Treasury Management Policy guides this move, suggesting a focus on liquidity and stability as it navigates the evolving logistics technology landscape.
Bottom Line?
Locate Technologies’ latest capital raise underscores its commitment to financial stability as it advances in a competitive delivery tech market.
Questions in the middle?
- How will this capital raise impact Locate Technologies’ share price and investor sentiment?
- What are the company’s next steps for deploying this strengthened balance sheet toward growth?
- Could further ATM raisings or alternative funding rounds be on the horizon?
