Geo Limited (NZX:GEO) has announced a rights issue and the issue of warrants to raise up to $1.51 million.
The offer is the last part of a capital raising plan announced in November 2022, and follows the secured debt facility arranged in March 2023.
Funds raised in 2021 have been used to upgrade customer touchpoints, launch new mobile and web applications, as well as automated SMS notifications and a payment platform.
The company has guided that it expects to achieve at least 40% growth in monthly recurring revenue during calendar 2023.
North Ridge Partners has agreed to underwrite $1.2m of the Offer, and the company's Directors and major shareholders have committed to take up their entitlements and apply for additional shares.
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