Swift TV secures $2.3M to accelerate commercial rollout
Technology company Swift TV (ASX:STV) secured a $2.3 million capital injection to accelerate the commercial rollout of its flagship entertainment and communication platform.
The capital package comprises a $1.9 million share placement and a $430,000 debt-to-equity conversion.
Under the placement, sophisticated and institutional investors have committed to subscribing for 237.5 million fully paid ordinary shares at an issue price of $0.008 per share, with settlement scheduled for June 12.
Demonstrating strong internal backing, Swift Chair Charles Fear has personally committed $60,000 to the placement.
PURE Asset Management has agreed to convert $430,000 of the company’s outstanding loan facility into equity at the same $0.008 share price, effectively reducing Swift’s debt obligations while aligning investor interests.
This financial restructuring closely follows Swift’s landmark five-year agreement with energy giant Chevron, valued at approximately $2.9 million.
The contract marks Swift’s premier major deployment within the oil and gas sector, involving the installation of 2,000 Swift TV devices at Chevron’s Wheatstone facility, alongside the renewal of subscription services across two additional Chevron sites.
Management intends to deploy the newly raised capital to fund immediate contracted Swift TV rollouts, procure necessary inventory, and expand operations into new customer sites.
