(MENAFN- ProactiveInvestors)
() has raised $1.63 million through a share purchase plan that will fuel scaling of its Packaged Asset Delivery (PAD) and Infrastructure Protection (IXP) businesses.
Subscriptions were received for 14840780 new shares to be priced at $0.11 each a 10% discount to the 5-day VWAP or $0.125 each.
The company had offered shareholders up to $15000 worth of shares.
The raising follows a memorandum of understanding signed with KPMG to negotiate a definitive enterprise-wide agreement for the supply of Day Lockers for KPMG properties.
Proceeds will also be used to expand the company’s tender team to execute in response to new tender requests and fund the costs of marketing its Day Locker offering to existing accountable mail customers in the U.S.
Chairman Mark Bouris had noted previously that TZ’s growing order book required additional capital to fund delivery of the new contracts.
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