Excite Technology Services (ASX:EXT) is set to raise AU$1 million via the placement of 100 million shares priced at AU$0.01 apiece, according to a Friday filing with the Australian Securities Exchange.

The proceeds will be used for working capital to fund the company's sales investment and boost its digital forensics and incident response capabilities, the filing said.

Shares fell more than 15% in afternoon trade.

Price (AUD): $0.01, Change: $-0.0020, Percent Change: -15.38%