The new issue of shares was oversubscribed, which means that the Company will realize a total, prior to the deduction of issue costs, of SEK 85 million.
The issue of shares was guaranteed in its entirety through the undertaking of subscriptions, declarations of intent, and issue guarantees. Since the new issue of shares was oversubscribedit was not necessary to utilize the issue guarantee. The new issue of shares has increased the number of shares by 24,305,150. Following the new issue the total number of shares is 97,220,600. The majority of the capital raise for Precise Biometrics will be used to increase efforts in marketing and sales, and to focus operations on activities that create profitability and generate a positive cash flow for the Company. This will take place through focused investment in the biometrics and smart card markets, where the penetrate for national ID cards, electronic passports, products, and consulting services is close to realization.
"It is gratifying that our shareholders have shown such confidence in the Company. We will now justify this by significantly improving the Company's earnings", says Thomas Marschall, President and CEO of Precise Biometrics.
"It is important that we move our focus from technology to the market, and that we offer profitable biometric solutions to our customers," concludes Thomas Marschall. Precise Biometrics' financial advisor in conjunction with the new issue of shares has been Danske Markets.