METS

Maptek takes cornerstone position in K2Fly

Tech firm wins backing as part of latest placement at a premium

Staff Reporter

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Maptek is taking a 13.2% stake in K2Fly in return or around $4 million.
 
The four-decade-old company, which provides software, hardware, and services, is a dominant player in the supply of planning and geological modelling software and wants in on K2Fly's cloud-based ESG compliance, disclosure, and technical assurance offering.
 
K2Fly says it has the only off-the-shelf offering in an increasingly ESG-focused world and sees potential synergies with Maptek's own software.
 
Maptek chairman Peter Johnson will join the K2fly board as a non-executive director as part of the deal. 
 
The placement was priced at 18c, a 4% premium to recent trading levels, and was also backed by existing institutional and sophisticated investors.
 
Argonaut Securities was lead manager to the raising.
 
The cash injection, its first since a $7.25 million placement at 29c completed a year ago, is needed for product development and working capital requirements.
 
K2Fly chair Jenny Cutri said the backing of the world's largest privately held mining software business was a validation of the K2fly business and growth outlook.
 
Its blue-chip client base includes Rio Tinto, Vale, Fortescue Metals Group, Newmont Corporation, Glencore, Newcrest Mining, Roy Hill, AngloGold Ashanti and Gold Fields.
 
The company expects to have almost $8 million in cash at the end of the placement.
 
K2Fly shares, which have traded at 14-35c over the past year, jumped 20% on the news to 21c, valuing it at $25 million.
 

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