Cycliq Group Raises AU$352,000 via Placement

Cycliq Group (ASX:CYQ) raised AU$352,000 through a placement of shares at an issue price of AU$0.004 each, according to a Monday filing with the Australian Securities Exchange.

This represents a 33% premium to the last closing price of the company's shares. The placement comprises the issue of 53 million shares under the company's current 15% placement capacity and 35 million shares under the additional 10% placement capacity.

The settlement is on Sept. 2, and new shares will be issued on Sept. 3.

Funds will be used to pay BeEmotion under their license agreement, as well as for development costs of the camera safety system manufacturer's applications.