Mobile software and services company SmartTrans Holdings (ASX:SMA) has revealed it has commenced two placement totalling $1 million to help fund its projects in Australia and China.
The company will make an immediate placement of 33.33 million shares at 1.5 cents each to investor clients at Bell Potter securities. A second tranche of $500,000 shares, to be made at the higher of its weighted average trading price or 1.5 cents per share, will be made on 8 November.
In advance of the placement, SmarTrans said it was currently deploying its mobile internet technology around Australia with an industrial products company.
SmartTrans added that it was also preparing to launch mobile software and media distribution applications in China through a media distribution group, and China Mobile Shanxi group is also trialling the software.