ASX-listed IT service provider, Anittel (ASX:AYG), has managed to raise $1.09 million as part of its share raising activity with an existing investor.
Auckland Trust Company Limited, which is associated with Sydney-based property developer Lang Walker, increased its holdings now retaining 19.57 per cent of Anittel's issued capital.
The raised funds will be partially channelled into marketing aimed at new business acquisition as well as market revenue growth and supporting organic growth.
Anittel chairman and managing director, Peter Kazacos, said it was moving quickly with its organisational improvements.
“The fund raising will assist our investment in this department [marketing] as well as internal streamlining and refinements designed to support our projected sales increases in coming quarters,” Kazacos said.
The service provider placed more than 156 million shares on offer from its Rights Issue Shortfall at $0.007.
In May, Anittel embarked on a non-renounceable pro-rata rights issue, supplying shareholders with an issue price $0.007 per new share. If fully subscribed, the offer would raise about $5.3 million for the reseller. So far the reseller raised $1.74 million through the Rights Issue, and also offered shortfall shares ( for non-shareholders) to help raise the rest of the funds.
In June, Kazacos spoke about his intentions to realign the business and hiring more support, sales and marketing staff.
For the first half of the 2011 financial year ending December 31, Anittel experienced earnings before tax loss of $937,000.
The integrator was trading at $0.007 at the time of publication.