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- PPK Group (PPK) has raised $15.4 million in additional capital through a share placement to investors
- The company first flagged carrying out a fundraise when it entered a trading halt earlier this week
- It’s since resumed trading after successfully tapping shareholders for extra cash via the offer of 2.8 million shares at $5.50 each
- PPK will use the additional funds for its Boron Nitride Nanotubes (BNNT) business and for further technology investments
- Alongside the capital raise, two PPK directors also sold 1.85 million shares to facilitate a potential mining business demerger
- The company is considering separating its mining arm and then changing its name to better reflect its technology focus
- Shares in PPK Group have opened down a slight 1.64 per cent at $6 each
PPK Group (PPK) has raised $15.4 million in additional capital through a share placement to institutional and sophisticated investors.
The company first flagged carrying out a fundraise when it entered a trading halt earlier this week to facilitate the placement.
It has since resumed trading this morning after announcing it had successfully tapped investors for extra cash via the offer of 2.8 million shares at $5.50 each.
That share price represents a 9.8 per cent discount to the last closing price of the stock on Tuesday, November 24.
At this stage, the placement is scheduled to settle on Friday, December 4, with the shares to be issued on Monday, December 7.
PPK will use the additional funds for its Boron Nitride Nanotubes (BNNT) business and for further technology investments.
Specifically, the cash will go towards accelerating the research, development
and commercialisation of new BNNT application projects.
In the meantime, alongside the capital raise, two of PPK director’s also sold 1.85 million shares at $5.50 each to facilitate a potential mining business demerger.
The company is considering separating its mining arm of the business and then changing its name to better reflect its focus on BNNT and technology.
But, any demerger and name change will have to be signed off by PPK shareholders in a future meeting.
Shares in PPK Group have opened down a slight 1.64 per cent, trading at $6 each at 11:07 am AEDT.
