Xref’s Share price increased after Successfully Completing $8 million Placement

On 26 September 2018, Xref Limited (ASX: XF1) announced that it has successfully completed a placement of shares to Australian institutional investors. The company has raised $8 million before costs from institutional investors. After the release of this news the share price increased by 3.226% as on 26 September 2018.

The funds received from the placement will be used for the Company’s expansion which includes strategic integrations and partnerships. These funds will also help to drive the key business metrics of client acquisition, client adoption and annual revenue per account (ARPA). The company is planning to issue 13.3 million fully-paid ordinary shares at price of $0.60 per share. Ord Minnett Limited has managed this placement.

On 3 September 2018, the company announced sales of $1.3 million for July and August of financial year 2018 which represents a new monthly record for the first two months of FY2019. In FY 2018, the reported sales of the company increased by 72% to $7.1 million for FY2018 compared to $4.1 million in the FY2017. Recognized revenue, which reflects usage of Xref credits increased by 63% to $4.8 million in FY2018 from $2.8 million in FY2017. Xref’s software as a service (SaaS) platform has been able to collect 60% more data with five times faster speed than traditional methods. This platform is used by more than 780 direct clients in seven countries which includes 42% of the ASX top 50 companies.  [optin-monster-shortcode id=”wxhmli4jjedneglg1trq”]

On 26 September 2018, the company also announced that two of its option holders have exercised a total of 550,000 options at an exercise price of $0.23 into 550,000 fully paid ordinary shares. The company also announced that 148,629 options which were held under Xref’s Employee Option Plan (EOP) have expired after the relevant staff members left the company.

XF1’s share traded at $0.640 with market capitalization of $91.6 million as on 26 September 2018. In the last three months, the stock has moved up stupendously by about 38%.

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