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  • TZ Limited Raises Round Of Funding For Growth 0 comments
    May 27, 2013 1:01 AM

    TZ Limited (ASX:TZL) has received commitments for $1.45 million from various institutional and sophisticated investors through a share placement of 14.5 million ordinary shares at $0.10 per new share.

    Funds raised through the placement will provide additional working capital and fund anticipated supply contracts and other growth opportunities.

    One option exercisable at 14 cents on or before 31 October 2013 will also be issued to placement investors for every 3 new shares allotted.

    Mark Bouris, chairman of TZ said, "the company is very pleased that it was able to achieve a successful placement in light of the challenging market conditions.

    "These funds place the company in a strong position to accelerate growth in the second half of 2013".

    Gathering momentum

    TZ formalised a teaming agreement with leading domestic and international express delivery company TNT Express, further building up its parcel distribution and on-line logistics network.

    This followed a recent teaming agreement with Fastway Couriers, existing agreements with Temando and Toll Group as well as imminent first stage deployment of the Parcel Locker System.

    These and other agreement and partnerships struck to date for TZ could mean its A.D.A.M locker network could account for as much as 60% of the parcel deliveries in Australia.

    Convertible notes

    Separately, QVT Fund LP and Quintessence Fund L.P. have agreed that the conversion price per ordinary share applying to all the outstanding convertible notes issued by the Company to the QVT Funds will not be affected as a result of this placement.

    The conversion price of $0.42 per share applying to the 4,275 Series IIIB Convertible Notes and to the 1,799 Series IV Convertible Notes, and the conversion price of 35 cents per share applying to the 12,000 Series I Convertible Notes and the 1,714 Series III Convertible Notes will not be affected by the placement.

    Analysis

    Today's round of funding will ensure that momentum is maintained and is a positive signal for investors.

    TZ Limited will be presenting at the Proactive Investors One2One Forum in Sydney on 4 June 2013. Click HERE to register.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

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