Azurn is offering 14 million shares at 50 cents per share, with seven million attaching subscriber options exercisable at 50 cents each on or before 30 June 2007. The offer is open until 21 October 2005. The first prospectus was issued on 7 August and the offer was due to close on 30 September. Azurn now expects to commence trading on the ASX on 4 November.
A company spokesman told ExchangeAlert: " The core of the report remains identical, although there were some minor amendments to comply with requirements from ASIC. The details of the capital raising, financials, and all the aspects on the Azurn technology are the same."
Pinnacle Equities is the lead manager of the float. Azurn will have a market capitalisation of approximately $30 million, if the offer is fully subscribed.
Azurn has evolved from a joint Australian and US R&D collaboration which has developed a proprietary multimedia convergence platform (MCP) with an integrated hardware and software application that "enables seamless connectivity and converged services across network".
To facilitate the offer, the Australian and US interests have recently undertaken a reorganisation which has led to Azurn acquiring the controlling interest in its American subsidiary, Azurn America Inc.
Azurn's first product suite of audio and multimedia web conferencing products has already been introduced in both the USA and Australia. The company says it has established key relationships with a leading communications company and resellers in order to on-sell the conferencing product that is now ready to be fully commercialised. It has also developed a pipeline of additional products planned for roll-out in 2006, and has established R&D facilities in Australia through a Federal Government grant with Curtin University in Perth.
The prospectus and a video presentation on the technology are available from the company's web site: https://www.azurn.com.au