Australia's Zoom2u Technologies hits record low on new loan deal

Locate Technologies

14/10/2022 05:44

** Shares of Zoom2u Technologies Ltd  Z2U.AX  fall as much
as 18.52% to a record low of A$0.110
    ** Co, a software-as-a-service provider, enters an agreement
with PURE Asset Management Pty Ltd for a new secured loan
facility to raise A$4 mln ($2.53 mln) 
    ** Says received binding commitments to subscribe for about
13.6 mln shares to raise A$1.5 mln
    ** Offers a non-underwritten share purchase plan to raise an
additional A$0.5 mln via a placement
    ** Placement at A$0.11 per share, an 18.5% discount to co's
last closing price on Oct. 12
    ** Says money raised through placement to be plowed into $2
mln acquisition of Talcasoft transport management and software
business 
    ** Worst intraday fall since Sept.13, 2021
    ** 367,012 shares change hands vs 30-day average of 30,600
    ** Stock has fallen 66.25% this year, as of last close 
($1 = 1.5795 Australian dollars)
 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))