Vonex's reverse listing partner Aleator Energy has raised more than $4.5 million, more than satisfying a funding condition to complete the deal with the communications provider.
"Aleator has received funding commitments of $4.5 million priced at $0.015 per share (pre-consolidation). The company also intends to consolidate its shares on a 3 to 1 basis," read the announcement to the ASX.
Aleator has also accepted "bids of a total combined value of $250,000 from directors of the post-transaction company".
The publicly listed former mining company needed to raise at least $3 million as a condition of Vonex's reverse listing. This morning's announcement easily meets this target.
"Our team is absolutely delighted with the level of support and the funding commitments," said Vonex co-founder and chief executive Brydie McKee.
"This will now allow the company to complete the transaction with Aleator, knowing that the funding is in place to complete the development of the oper8tor App and continue the company’s material growth path."
The funding news takes Vonex a step closer to floating as Vonex Limited. Due diligence completed earlier this month "impressed" the Aleator board, an exercise that revealed current monthly revenues of $400,000.
The reverse listing on the ASX will take place on 22 October, according to the original schedule. Listing could see Vonex owners sell 700 million ordinary shares and 1.2 billion performance shares at the price of $0.005 each.
Vonex is the reigning number one company in the CRN Fast50 with a 232 percent improvement in revenue for the 2014 financial year, pulling in $3.7 million.
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