SYDNEY, AUSTRALIA: Cipherpoint Limited [ASX:CPT] announced the successful completion of a capital raise by way of placement to sophisticated and professional investors.

The Company has received applications for 150 million shares at $0.005 raising $750,000 from investors, many of whom are existing top shareholders in the Company.

In addition to the placement shares issued, the Cipherpoint will grant participants options to be issued on a 1:2 basis, 75 million share options in total, with a strike of $0.01 and a term expiring 5 September 2026. The options will be in the existing listed CPTOD class.

The funds raised under the capital raising will be applied to bolster the groups ramping up of commercial activities, following a number of key customer wins such as Lend Lease Retirement Living and Healius.

Cipherpoint CEO Bryan Saba said “this capital raise will deliver funds to the group’s businesses to enable us to ramp up resources on the delivery of a number of key commercial projects. I am pleased with the support received by our existing top investors and look forward to providing further updates on our turn-around journey as we continue to execute on a strategy of cost focus and commercial growth”.

Joint Lead Managers in the capital raising were Cumulus Wealth and Peak Asset Management.