Cirralto raises $2.8 million to accelerate growth in B2B payments market

Cirralto Ltd (ASX:CRO) has raised $2,806,200 via the issue of shares under a placement to sophisticated and professional investors at an issue price of 3 cents per share. In addition, investors will receive one free attaching listed option for every four shares subscribed for with an exercise price of 2.5 cents and an expiry date of July 28, 2023. Cirralto’s placement was well supported by existing shareholders and new institutional and sophisticated investors, with the demand for the placement in excess of the amount raised. Use of funds The company intends to use funds raised from the placement to: Support the capital requirements of the company’s growth with various payment providers; Fund potential acquisition opportunities that complement the company’s intellectual property assets; Expand marketing program to accelerate growth; and Fund working capital. Cirralto shares are currently in a trading halt pending an announcement in relation to the execution of a business payments solution provider (BPSP) agreement with VISA.