Join our daily newsletter At The Bell to receive exclusive market insights
- 5G Networks (5GN) has already completed its $18.2 million placement to strengthen the company’s balance sheet
- Just yesterday, the company announced the capital raise
- The placement was oversubscribed, with demand from both new and existing shareholders
- 5G Networks will use the funds for its growth strategy and acquisition opportunities that may arise from COVID-19
- The company now aims to raise a further $4 million in a share purchase plan
- 5G is up 4.07 per cent on the market today, trading for $1.40 per share
5G Networks (5GN) has already completed its $18.2 million placement to strengthen the company’s balance sheet.
Just yesterday, the company announced the placement and a share purchase plan, aiming to raise a total of $22.3 million.
The placement was oversubscribed, with demand from both new and existing shareholders.
5G Networks will use the funds for its growth strategy and to complete acquisition opportunities that may arise from COVID-19.
These opportunities include the expansion of 5G’s fibre network in Sydney and Melbourne and increasing the company’s new builds in Adelaide and Brisbane.
The company now aims to raise a further $4 million in a share purchase plan. If it receives strong demand, 5G will increase the size of that plan.
5G is up 4.07 per cent on the market today, trading for $1.40 per share at 1:16 pm AEST.
