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- Envirosuite (EVS) has successfully completed its placement and institutional entitlement offer and raised $10.2 million
- Under the placement, 94.1 million new shares were issued to new and existing institutional investors at 8.5 cents to raise $8 million
- Envirosuite then raised $2.2 million through its one-for-14.5 non-renounceable entitlement offer
- The remaining $3.8 million will be raised through the retail component of the entitlement offer which is expected to open on May 31
- Envirosuite will use the money to invest in the EVS Omnis and EVS Water product suites as well as to expand its global sales
- Shares in Envirosuite are down 8.65 per cent and are trading at 9.5 cents
Envirosuite (EVS) has successfully completed its placement and institutional entitlement offer, raising $10.2 million.
The environmental intelligence company entered a trading halt on May 24, revealing it would be undertaking a $14 million equity raising.
Under the placement, 94.1 million new shares were issued to new and existing institutional investors at 8.5 cents to raise $8 million.
This price was a 19 per cent discount to Envirosuite’s close on May 25 of 10.5 cents.
Envirosuite then raised $2.2 million through its one-for-14.5 pro-rata accelerated non-renounceable entitlement offer.
Shares are expected to settle on June 1 and be allocated and begin trading on the ASX on June 2.
The remaining $3.8 million will be raised through the retail component of the entitlement offer which is expected to open on May 31.
Similar to the institutional component, participants will be able to subscribe for one new share for every 14.5 held as of May 26.
Envirosuite will use the money to invest in the EVS Omnis and EVS Water product suites as well as to expand its global sales.
CEO Jason Cooper said: “We are privileged to have received such strong support from our current shareholders and welcome the addition of new institutions as we aim to accelerate growth of one of the world’s leading environmental intelligence technology companies.”
Shares in Envirosuite are down 8.65 per cent and are trading at 9.5 cents at 12:20 am AEST.
