Excite Technology Services Limited has secured binding commitments from sophisticated and institutional investors to raise AUD2.8 million through the issue of new shares in Excite through a single tranche placement. The capital raised will be used for organic growth initiatives.
Following strong March quarter performance, the company is now looking to accelerate revenue opportunities while focussing on its unique and strategic advantages in the market.
The company will issue approximately 233 million new fully paid ordinary shares to eligible sophisticated and institutional investors at a price of AUD0.012 per new share. The issue price represents an 9.1% premium to the previous closing price of Excite’s fully paid ordinary shares.
Funds will be applied to CBIT’s Nangu Tactical Centre, including digital forensics training equipment to implement novel and advanced training courses for Defence and State Law Enforcement. It is expected to be highly accretive within the first 12 months.
Excite’s offensive security services (OSS), supporting new sales initiatives expected to be secured within the next quarter.
The company is continuing to evaluate several acquisition opportunities that are aimed to strengthen cross-sell opportunities, increase customer engagement, and deliver EBITDA accretion.
“The funds will enhance our core capabilities in digital forensics, cyber training, and offensive security whilst directly supporting revenue-generating opportunities already in play,” said Excite Managing Director Bryan Saba. “We’re building momentum across defence, government and critical infrastructure sectors, and this investment accelerates our ability to scale and deliver nationally significant outcomes.”
These investments support Excite’s mission to become a national leader in cyber security and digital forensics, delivering high margin recurring revenues through government contracts and expanding the company’s commercial cyber capability.
The placement comprises of a single tranche pursuant to the company’s available placement capacity under ASX Listing Rule 7.1 and 7.1A and is equivalent to 12.8% of existing shares on issue.
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Strategic investment of AUD1.12 million in the company’s tactical training facility;
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AUD700,000 to develop offensive security services capability that will work closely with the company’s existing cyber security consultants;
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AUD80,000 general working capital to bolster the company’s balance sheet in support of high-profile tender work that is currently being undertaken; and
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AUD168,000 to cover the costs of the capital raise.
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Trading Halt: May 1, 2025.
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Launch of offer: May 1, 2025.
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Announcement of completion of placement: May 5, 2025.
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Normal trading resumes on the ASX: May 5, 2025.
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Settlement of placement shares: May 8, 2025.
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Allotment of placement shares: May 8, 2025.
