QuickFee Ltd (ASX:QFE)

A$ 0.075 0.002 (2.74%) Market Cap: 24.87 Mil Enterprise Value: 66.04 Mil PE Ratio: 0 PB Ratio: 3.41 GF Score: 0/100

QuickFee Ltd Extraordinary Shareholders Meeting Transcript

Jul 23, 2020 / 01:00AM GMT

Release Date Price: A$0.77 (+15.79%)

Transcript

Bruce Gordon Coombes

QuickFee Limited - MD, CEO & Director

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The notice of the meeting has been circulated to all shareholders. I'll take the notice of meeting as having been read.

So the first resolution is the ratification of the placement of shares undertaken by the company. As announced on 6th May 2020, the company successfully completed a placement to serve the institutional and professional investors of 32,714,286 shares at an issue price of $0.21. That raised $6.87 million in cash proceeds. There's a further 3 million shares, raising $630,000, which is subject to separate resolutions under heading Resolution 2.

The funds raised under the placement have been added to the company's existing cash and are available to be deployed, to increase the company's loan book in order to reduce the risk of any potential COVID-19 impact on restrictions of credit availability generally. The proceeds will also be used to fund new technology development initiatives, such as a new payments platform and some e-invoicing technology we look to introduce.

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