Argonaut has acted as Lead Manager and Corporate Advisor to Credo Resources Limited (ASX: CRQ) (“Credo”) in its recent acquisition of NGBI Industries Limited and subsequent capital raising of A$4.3 million.
NGB Industries Limited is an Australian company that operates “Vault”, a leading cloud-based and mobile Environmental Health and Safety software solutions business tailoring solutions to the requirements of industry sectors, with offices in Christchurch and Melbourne.
The capital raising, which was substantially oversubscribed, raised A$4.3 million via a prospectus placement for 215,000,000 new ordinary shares at an issue price of A$0.02 per share.
The funds raised will allow key business activities to proceed which include expansion of Vault’s sales and marketing team, product development and provision of additional support services for Users, digital marketing launch, pursue overseas distribution activities and provide working capital.
Credo shareholders approved the acquisition on 31 May 2016 and the company has now changed its name to Vault Intelligence Limited (ASX code: VLT) (“Vault”) post completion of the acquisition and raise.
Vault’s Managing Director, David Moylan said: “The Board believes that listing on the ASX will help to accelerate Vault’s business development and will allow more Australian investors to share in the Company’s growth. On behalf of the Board, I look forward to sharing this exciting step in the Company’s future with you.”
Argonaut is delighted to have advised Credo/Vault and looks forward to working with the Company in the future to create further value for stakeholders.