GeoOp private share offer raises $10 million

GeoOp Limited has seen its private share offering oversubscribed by greater than three times, with the company raising $10m in the process.

As a result of the response, the New Zealand-based mobile workforce management company claims the offer has been heavily scaled.

GeoOp sought funding under a private offer from habitual investors and eligible persons.

After closing the capital raising round GeoOp now has 280 shareholders, which include:

· four well-established New Zealand institutional investors;

· strategic investors from the trades and services market, as well as from key channel partners such as accounting networks; and

· a number of high net worth investors and habitual investors.

"We aimed to raise $8 million and are tremendously pleased to have been able to close the offer at the full amount sought of $10 million," says Leanne Grahah, CEO, GeoOp.

"This funding provides GeoOp with the ability to further reach small and micro trades and services businesses, to make a material impact on how they operate.

"GeoOp is part of the disruptive mobility shift and the focus for our sales growth efforts will be on international markets, in particular Australia and the US.

Mark Weldon, Chairman for GeoOp says, "We have had a great capital raising outcome.

"We are now in the fortunate position of having a strong share register, including a number of value-add investors from our target customer segments in the trades and services sectors, as well as some leading technology and capital market players.

"Other investors will have an opportunity to invest further in GeoOp after we list the company on the NZAX.

GeoOp was advised by investment bank Cameron Partners and law firm, Bell Gully.

Ross Christie, Partner of Cameron Partners says, "A forthcoming listing on the NZAX has provided GeoOp with an opportunity to raise capital to scale offshore and should also assist in raising its profile to support the company's growth aspirations.