Spookfish raises $6m for new tech

Geospatial company Spookfish has raised $6 million from investors to fund development of its next generation technology.

Spookfish will place 109.1 fully paid ordinary shares at a discounted 5.5 cents each to sophisticated and institutional investors.

Spookfish will use the proceeds of the placement to fund development of its ‘large scale’ Generation Two system, which the company says will have the capability of capturing county-wide imagery at high-resolution and in a cost-effective way.

“We are delighted by the continuing strong support from our major shareholders and welcome new institutional investors to our register,” Spookfish executive chairman Jason Marinko said.

“Spookfish is now well placed to deliver on the company’s strategy of commercialising our Generation One system after its extensive testing program whilst developing the large scale Generation Two system in parallel.”

The tech company’s high-profile backers who invested in the company prior to its listing earlier this year include former Amcom Telecommunications chairman Anthony Grist, marketing entrepreneur Brent Stewart and Navitas boss Rod Jones.

The Generation Two system is due to launch next year.

Euroz Securities acted as lead manager to the placement.

Spookfish shares were 3.2 per cent lower to 5.9 cents each at 12:50pm.