IT&E Limited (ASX: ITE) has placed over 17 million new shares in a bid to raise working capital.
The 17,500,000 shares were sold at $0.04 a share, raising a total of $700,000.
The company has raised another $160,000 by selling convertible loans to directors and senior managers of the company, which will translate to a further 4 million shares.
GBST Limited bought the greatest number of shares, at 8.75 million. This takes GBST's total ownership to around 43 million shares, or over 16 percent of the company.
IT&E Limited is a software vendor that specialises in providing software to banks, such as flagship products RAZOR and Monarque.