Cirralto Limited (ASX:CRO) announced a private placement of 271,200,000 fully paid ordinary shares at a price of AUD 0.01 for gross proceeds of AUD 2,712,000 on August 14, 2020. The transaction will include participation from institutional and sophisticated investors. The transaction will also include participation from the board for 7,000,000 shares for AUD 70,000 and management of the company subscribing to 1,200,000 shares for AUD 12,000 in the transaction. The director participation is subject to shareholder approval to be sought at the next general meeting of the company. The transaction was oversubscribed under which the company had initially planned to raise AUD 2,000,000. The transaction is expected to close on August 17, 2020.