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Rubik announces capital raising

Mortgage technology provider Rubik Financial has announced it will undertake a proposed capital raising following strong half-yearly revenue growth in its banking and mortgage products.

Rubik said in an ASX update that the capital raising would be by way of a non-renounceable rights issue at a price of $0.10 per share, “subject to the satisfaction of various conditions precedent”.

“Such a raising would see the company issue up to approximately 52.9 million new shares, raising approximately $5 million (net of costs),” it said.

Rubik said the proposed rights issue is to provide up to $3 million in capital to accelerate the company’s key banking and wealth offerings, and up to $2 million to repay outstanding short-term debt.

“Any balance will be used to meet the costs of this capital raising and fund the general working capital requirements of the business,” it added.

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Rubik’s announcement comes after the group posted strong revenue growth in its banking and mortgage products during the first half of the 2015-16 financial year.

Its banking products saw a revenue increase of 25.3 per cent to $7.15 million in the six months to 31 December 2015 compared to the same period a year earlier, while Rubik’s mortgage software suite grew 17.6 per cent in revenue over the period to $3.61 million.

[Related: Rubik announces new CEO]

Rubik announces capital raising
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