Security technology company ZYL Limited (ASX:ZYL) has raised $675,000 from a share purchase plan – far less than the $1.73 million goal.
The SPP, which opened on July 22, will result in the future issue of 37.5 million new shares to 270 applicants.
The funds will be used to enhance R&D for ZYL's SmartG Enterprise Protection product line.
The shortfall will be allocated to strategic investors over the coming weeks.
ZYL shares are today trading 8.7% lower at $0.021.