22 Dec 2010

New funding raised by SmartPay

6:30 pm on 22 December 2010

SmartPay has raised $2.3 million by issuing almost 114 million shares at 2c each, through private placements.

The money will be used to repay debt maturing between now and February.

The merchant services company has also secured $2 million in new funding, which it can draw down in stages over the next five months, subject to meeting certain targets.

New chairman Wayne Johnson says the company is in good shape, with forward orders and stock on hand to meet its end-year pre-tax earnings guidance of $7-$7.5 million.