Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Intelligent Monitoring Group (IMB) completes the institutional component of its entitlement offer and raises $5 million
  • last week, IMB announced it would be undertaking a $10 million entitlement offer to fund the acquisition of Mammoth Technology
  • The institutional entitlement offer was strongly supported by existing shareholder Black Crane Asia Pacific Opportunities Fund that subscribed for $4.7 million
  • To raise the remaining $5 million, IMB will be undertaking a retail entitlement offer that is expected to open on May 27
  • IMB ends the day 18.2 per cent in the red with shares trading at 13.5 cents

Intelligent Monitoring Group (IMB) has completed the institutional component of its entitlement offer and raised $5 million.

On May 20, IMB announced it would be undertaking a one for one non-renounceable entitlement offer to raise roughly $10 million to fund the acquisition of Mammoth Technology.

The institutional entitlement offer was strongly supported by existing shareholder Black Crane Asia Pacific Opportunities Fund, an entity controlled by IMB Chairman Peter Kennan.

Black Crane subscribed for roughly $4.7 million.

Shares were priced at 15 cents, representing a 21.8 per cent discount to IMB’s give-day volume-weighted average price.

To raise the remaining $5 million, IMB will be undertaking a retail entitlement offer that is expected to open on May 27.

Eligible shareholders will have the ability to subscribe for additional shares in excess of their entitlements that will be allocated in a retail shortfall facility.

Bell Potter Securities and Morgans Corporate have agreed to underwrite $2.7 million of the retail entitlement offer, resulting in IMB being able to raise up to $7.7 million.

“Since recapitalisation, the company has been focused on putting in place its new core operating platform, assessing strategic acquisitions and looking at how to enhance its growth profile further,” Vice Chairman and Managing Director Dennison Hambling said.

“Whilst we are disappointed to be raising at the current share price levels, we feel that the addition of Mammoth to the business should improve the growth profile of the business over our three-year plan period and ultimately its value is such that it still made sense to proceed.”

IMB has ended the day 18.2 per cent in the red with shares trading at 13.5 cents.

IMB by the numbers
More From The Market Herald
Cavalier Resources (ASX:CVR) - Executive Chairman, Ranko Matic

" Cavalier Resources (ASX:CVR) begins PFS at Crawford

Cavalier Resources (ASX:CVR) has begun a pre-feasibility study (PFS) at the Crawford Gold Project within the…
The Market Herald Video

" Emerald Resources (ASX:EMR) reports “exceptional” drill results from Neptune, WA

Emerald Resources (ASX:EMR) has reported “exceptional” drill results from the Neptune gold prospect in Western Australia.
The Market Herald Video

" Atomos (ASX:AMS) reports record FY22 sales following strong Q4

Atomos (ASX:AMS) Q4 results boost FY22 unaudited revenue to in excess of $82 million.
The Market Herald Video

" iTech Minerals (ASX:ITM) progresses testwork for PSG production at Campoona

iTech Minerals (ASX:ITM) has produced a 42-kilogram bulk sample of total graphitic carbon (TGC) concentrate from…