SOR had intended to accept the first $1 million of applications under the SPP, and these applications will be accepted in full.
The company has however received $2.5 million in applications already, will accept a further $2 million at the directors discretion, bringing the total amount raised to $4.5 million.
Applications over this amount will be returned to shareholders.
Following these developments, SOR has extended the SPP for another week and it will now close on June 7th 2016.
The company is focused on developing nanocube memory technology, and is currently looking for partnerships to help commercialise its revolutionary ink technology.
This involves identifying potential partners across the global printed electronics supply chain.
A prototype developed at the University of New South Wales (UNSW) has already achieved data writing speeds over 1000 times faster than today's state-of-the-art flash memory technology.
Other key SPP dates
- Allotment Date and Dispatch Date: 10th June 2016.
- Share Trading Date: 15th June 2016.
Strategic Elements Ltd's key focus
Earlier in the month SOR outlined an agreement has been reached with the UNSW for early assignment for 100% ownership of the Nanocube Memory technology.
The parties will continue the existing research and development collaboration and the company will seek to expand this in the near future.
The existing licence agreement for the technology will fall away and full ownership will be passed over.
The strong working relationship between the company and UNSW has enabled the early assignment, which will significantly aid the company to form global partnerships with other companies in the Printed Electronics sector and other corporate activities.
All Intellectual Property including patents will be included in the assignment.
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