Snoogoo Corp (OTCMKTS:SGOO) announced that it has entered into an agreement with Panopus Plc to help it solicit funding for a number of projects including an acquisition in Australia. Though Snoogoo has not revealed the much it is pursuing in funding, it is important to look at the company’s fundraising options and what Panopus can help it achieve.
Equity and debt offering
The funding options that Snoogoo Corp (OTCMKTS:SGOO) could use are equity and debt placements. Snoogoo has charged Panopus with the responsibility of talking to various institutions who might be interested in investing in the company either through debt or equity.
As such, Panopus will negotiate and arrange for funding on behalf of Snoogoo.
What’s the money for?
Snoogoo Corp (OTCMKTS:SGOO) has identified at least three needs for the funds it is seeking through the arrangement with Panopus. First, the company intends to use the funds for acquisition of an Australia company focused on the Internet of Things technologies. The Australian company is interested in expanding in the U.S. and its IoT technology relates to device automation and control for homes and facilities that care for the elderly.
Snoogoo intends to funnel a portion of the funds to finance the development of its mobile app for Android and iOS platforms. If there is still more cash left, the company will use them to bankroll its sales and marketing campaigns to drive revenue growth.
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