Soil Sub Technologies Ltd raises $5M, shifts to cloud mapping technology
Tuesday, May 31, 2016
Soil Sub Technologies Ltd (ASX:SOI) has successfully closed a $5 million capital raising and will soon be relisted as Pointerra Ltd as part of a reverse takeover.
The company had offered investors 166.6 million shares at an issue price of $0.03 each to raise $5 million, with RM Corporate Finance underwriting the offer up to $3.6 million.
Pointerra is an emerging cloud based technology company building a Data as a Service (DaaS) solution for mapping the world in 3D through the processing, managing and sharing of cloud data sets.
The processed cloud data has the capacity to be dynamically searched and visualised by anyone, anywhere.
Notably, Pointerra is led by Rob Newman, who has helped take nearmap Ltd (ASX:NEA) from a small start-up company, through to listing on the ASX and its current market capitalisation of $156 million.
Following the completion of the acquisition, the existing Board of SOI will resign and will be replaced by Rob Newman, Graham Griffiths, Neville Bassett and Ian Olson.
Pointerra is focused on generating early stage revenue from private and public sector organisations who manage significant amounts of 3D data.
The company’s immediate target customers include those within the mining, oil and gas processing, power and civil infrastructure sectors.
The funds raised under the public offer will be used by Pointerra for accelerating further product development to make an impact in the growing geospatial mapping market.
