PaySauce Oversubscribed On $5.8M Capital Raise
Employment solutions provider PaySauce (NXZ: PYS) has completed its capital raise from the Rights Issue on March 9th 2020. PaySauce has today issued 1.65M shares from the Rights Issue shortfall, injecting an additional $0.56M cash into the business. This completes the total $5.8M capital raise ($4.07M was raised in the initial issue in March, followed by a further $1.166M raised in April).
The final outcome saw an oversubscription, resulting in the final allotment being completed two weeks earlier than PaySauce had initially projected.
Nick Lewis, Chair of the PaySauce board, said the company is extremely proud of this conclusion. “To see a capital raise oversubscribed during a global crisis is a massive achievement for our management team. This a testament to the confidence our existing shareholders have in PaySauce, and we welcome our newest investors to the family.”
PaySauce intends to use the capital to follow through on the intentions laid out in their initial Offer documents, while managing costs to securely sustain growth.
PaySauce is software at work for people, providing employment solutions to small and medium-sized businesses. PaySauce enables business owners to pay and manage employees accurately and efficiently using the web, iOS, and Android applications. The PaySauce platform includes mobile timesheets, payroll calculations, banking integration, PAYE filing, labour costing, automated general ledger entries and digital employment contracts.