Employee experience technology company, REFFIND (ASX:RFN), has raised $2 million in a placement to advance its international expansion.
The move follows its recent announcement that it has signed up eight organisations to use its employee experience platform.
The company said, in a statement on the ASX, that it will issue 7.1 million ordinary shares at $0.28 per share to new and existing investors. This utilises its placement capacity available under ASX listing rules 7.1 and 7.1A.
It claimed the funds will be used to more aggressively pursue expansion into the US and Asia, in addition to continuing business development activities and for additional working capital.
REFFIND managing director, Jamie Pride, said the company is looking to build on the demand from customers for the REFFIND platform to date and continue this momentum into key markets overseas.
“We welcome the new investors and thank both them and our existing shareholders for their support as we continue to progress ourselves as the leading solution in employee experience,” he said.
REFFIND also indicated that finds from the placement are expected to be received on April 19, with an expected quotation date for the new shares of April 20.
The company’s securities will be released from trading halt today.