Liberty raises $5m for IT move

Liberty Resources has completed a $5 million capital raising that marks one of the final steps in its reverse takeover of IT company Cirrus Networks.

Liberty announced this morning that the capital raising, which closed last Friday, had attracted support well past its initial target of $3 million.

Liberty shareholders voted overwhelmingly in favour of the backdoor listing at an EGM on May 22.

Liberty is now proceeding with steps to relist as Cirrus Networks Holdings (CNW).

The company will be led by managing director Frank Richmond, along with chairman Andrew Milner and directors Matt Sullivan and Dan Rohr.

Its clients include Argyle Diamonds, WA Police, Roy Hill Holdings, LandCorp, and Independence Group.

The news follows the announcement yesterday that Monteray Mining Group had completed the acquisition of Perth-based telco services business Norwood Systems, and would soon be relisted under that name.

The acquisition followed the close last month of Monteray’s prospectus offer, which raised $5.5 million, and approval by shareholders at a meeting last month.

Norwood founder Paul Ostergaard has been appointed managing director of the company along with Amit Pau as non-executive director.