Logistics innovator Yojee Limited (ASX:YOJ) is preparing to spark major growth in its technology offering, announcing an $8 million oversubscribed share placement to institutional and sophisticated investors.
The placement will issue 80 million shares at $0.10 per share and approximately 26 million options, convertible at $0.15, expiring 18 months from the issue date.
Yojee announced that proceeds from the capital raising will be used to further expand into the Asia-Pacific and dramatically boost the capabilities of its innovation.
The company has developed services using artificial intelligence, blockchain, and logistics network interconnectivity to considerably improve the efficiency of supply chains.
Among the list of its key relationships, Yojee boasts an innovation framework agreement with the Asian arm of global delivery company UPS.
Yojee also holds a services agreement with DB Schenker, the logistics division of Deutsche Bahn, to use its technology in the Asia-Pacific region to help build a seamless regional freight network.
Commenting on the successful Placement, Yojee managing director, Ed Clarke, said:
We are delighted that Yojee’s significant progress in digitising the supply chain has attracted the interest of a range of new institutional investors.
“The Placement proceeds will enable Yojee to confidently capitalise on the enormous market opportunities for its software, maintain its leadership in smart logistics optimisation technologies and continue to develop its existing commercial relationships with industry leaders such as UPS and DB Schenker,” he said.
Completion of the placement is expected on 23 July 2018.