BrainChip Holding Raises A$6 Million in Private Placement

BrainChip Holdings (ASX:BRN) . has announced it has raised A$6 billion through a share placement.
As quoted in the press release:

The placement to institutional and sophisticated investors, which was oversubscribed, was priced at A$0.15 per share and included a 1-for-2 option at a strike price of A$0.23. The placement was supported by the Company’s existing shareholders together with new institutions. Foster Stockbroking acted as Sole Lead Manager to the placement.
The Shares and Options issued under the placement will be issued pursuant to the Company’s 15% placement capacity under ASX Listing Rule 7.1. An Appendix 3B and a Cleansing Notice will be lodged with the ASX following issue of the securities.
BrainChip is Well-Funded to Achieve Revenue Growth
Following significant developments in Civil Surveillance, Commercial Surveillance and Machine Vision, the Company executed the capital raise to support ongoing operational expenses and expand its sales and marketing efforts as two significant new products are launched in 2017.
“This capital raise will support the expansion of our sales and marketing efforts at an important time in our growth. Our new products are an excellent extension of the work we have done with existing customers and will allow us to pursue large-scale deployments with a broad line of solutions serving multiple use cases,” commented Louis DiNardo, BrainChip’s President and Chief Executive Officer.
The Company expects to release its new SNAPvision software product line in the September quarter of 2017. A first-of-its-kind solution, the SNAPvision software combines 10 years of spiking neural networking development to provide facial and pattern recognition solutions for Homeland Security and Law Enforcement efforts in anti-terrorism and crime prevention.
The SNAPvision software commercializes the unique capabilities of a spiking neural network, including one-shot learning and exceptional performance in low-light, low-resolution imaging environments. The SNAPvision software will enable law-enforcement and intelligence agencies to rapidly perform forensic and live-search across large video networks, acting as a force multiplier to speed the detection of subjects of interest.

Click here to read the full press release.