Market Herald logo

Find out more about this capital raise

Be the first with the news that moves the market

Welcome to the Market Herald Deal Room for this Friday, where we review the week in capital raising.

Cobram Estate Olives (ASX:CBO), which only joined the ASX in August and now has a $1 million SPP opening on Monday after raising $50 million through a placement.

The new money will be used to develop olive groves in California and expand its processing capacity in Australia.

Shares issued through the raise are issued at $2.

Co-founder and chair Rob McGavin said it was a ‘fair price’.

“We don’t want to dilute much at this price, but it’s a good opportunity and we get some good institutions and large investors on the books,” he said.

He said he didn’t expect much demand from retail shareholders, hence the SPP was capped at $1 million.

“There’s been ample opportunity for existing shareholders to get a position at that (price), so we don’t want to be seen to be not giving those smaller shareholders a chance to participate – of course, but we also are very aware that they’ve probably bought what they want to a certain extent,” he said.

Cobram Estate olives’ SPP opens on Monday. The company has a market cap of $834.33 million and share trade opened at last traded $2.07 today.

Ironbark Zinc (ASX:IBG) today announced it’s raised $4 million through a placement to fund due diligence required for its zinc project in Greenland.

The raise comes in the wake of the company this week also announcing it had achieved preliminary approval for up to $920 million in funding from the Export-Import Bank of the United States – the official credit agency of the US Government.

MD Michael Jardine said the company was getting closer to its goals.

“We will continue to fund working capital with new equity raises and that’s perfectly normal for this stage of our development, as we move from where we are today, endeavouring to bed down the overall financing structure and making it effectively unconditional,” he said.

“We are much close to being able to do that today than we were yesterday and that’s a really pleasing sign of progress for everyone.”

Ironbark Zinc recently welcomed former politician and diplomat Alexander Downer as well as large mining adviser Paul Cahill to the Board as non-executive directors.

Share trade closed at 5.4 centstoday.

Health-tech Alcidion Group (ASX:ALC) has a platform that uses healthcare data to support doctors and nurses in their decision making, guiding them for best patient outcomes.

Alcidion has announced the acquisition of Silverlink and has raised $43.4 million through a placement and institutional offer.

MD & CEO Kate Quirke said an $11.6 million retail entitlement would open next week.

“It increases our total addressable market and it does that by adding capability to our platform,” she said.

“Our flagship platform Miya Precision is very concentrated on clinical data in healthcare and in bringing in the acquisition of Silverlink, we’re adding in administrative information about patients, where they go and come from.”

Ms Quirke acknowledged some shareholders weren’t happy about the issue price representing almost 22 per cent discount, but a retail entitlement offer opens on Tuesday, with shares offered at the same 25 cents.

The company has a market cap of about $283 million and last traded at 26 cents.

IPO activity continued this week with nine companies joining the ASX. One of those is machine learning software play Rocketboots (ASX:ROC).

CEO Joel Rappolt said it was the culmination of years of work.

“It was a great moment – not just for me, but for our entire team,” he said.

“A lot of effort has gone into this over a number of years and it was a good day to celebrate this milestone.

“To be honest, the next day we were straight back into it because now we’re ready to go on to the next milestone of the business!”

The Market Herald Deal Room will present the full interview with Rocketboots’ CEO Joel Rappolt early next week.

For more information on these or any other ASX-listed companies, go to the search tab on this website.

More From The Market Herald

" Carnaby Resources (ASX:CNB) ends week in a trading halt

Carnaby Resources (ASX:CNB) enters a trading halt as it plans an upcoming capital raise.

" Askari Metals (ASX:AS2) plans to raise capital for lithium purchase

Askari Metals (AS2) has entered a trading halt as it plans an upcoming capital raise.
Telix Pharmaceuticals (ASX:TLX) - CEO, Christian Behrenbruch

" Telix Pharmaceuticals (ASX:TLX) planning capital raise

Telix Pharmaceuticals (ASX:TLX) enters a trading halt while it plans an upcoming capital raise.
Alice Queen (ASX:AQX) - Managing Director, Andrew Buxton

" Alice Queen (ASX:AQX) halts trade ahead of fresh capital

Mineral exploration company Alice Queen (ASX:AQX) has entered a trading halt ahead of a proposed capital…