Excite Technology Services Limited (ASX: EXT) has announced it has secured firm commitments to raise $3.26 million through a placement of fully paid ordinary shares. Shares will be issued at $0.006 (0.6 cents) each to existing and new institutional and professional investors. Excite Technology Services Limited offers comprehensive cybersecurity services, including threat prevention, managed cloud and IT services, specialist digital forensics, incident response, forensic investigations, and accredited training to ensure a safe Australia. This capital raise aims to support the company’s growth initiatives and strengthen its financial position.
The placement also includes one free-attaching unlisted option for every two Placement Shares subscribed. These options carry an exercise price of $0.01 (1 cent) and expire 36 months from their issue date, with their issuance subject to shareholder approval at the Company’s upcoming Annual General Meeting (AGM). Excite’s Executive Director and Chief Executive Officer, Bryan Saba, welcomed the strong support from a diverse group of investors, highlighting the funding as a significant vote of confidence in the company and its strategic direction.
Funds from the placement are primarily allocated to sales enablement, further productisation, and the recruitment of additional sales personnel. Capital will also be directed towards various marketing activities, including roundtables, digital campaigns, and exhibitions, alongside bolstering working capital. SP Corporate Advisory Pty Ltd served as the lead manager for the placement. Separately, Managing Director Bryan Saba has agreed to convert $500,000 of existing debt owed to him into equity, mirroring the placement terms including free-attaching options. This conversion, involving a related party, will also require shareholder approval under Listing Rule 10.11 at the AGM. Settlement of the Placement Shares is indicatively set for July 9, 2026.
