By Sheri Kasprzak
New York, Nov. 3 - Novacoat Holdings Ltd. said it plans to raise A$3,498,000 in a private placement.
The offering includes 6.36 million shares at A$0.55 each. The price per share is a 26% discount to the company's closing stock price of A$0.75 on Nov. 2.
Capital Investment Partners is the placement agent.
The offering is being conducted to fund startup and mobilization costs for recent contracts obtained by construction and maintenance subsidiary McFee Holdings Pty. Ltd. The proceeds will fund the acquisition of a plant and equipment to service those contracts. The rest will be used for working capital.
Based in Belmont, Western Australia, Novacoat provides coating services for the flooring of manufacturing plants.
Issuer: | Novacoat Holdings Ltd.
|
Issue: | Stock
|
Amount: | A$3,498,000
|
Shares: | 6.36 million
|
Price: | A$0.55
|
Warrants: | No
|
Placement agent: | Capital Investment Partners
|
Pricing date: | Nov. 3
|
Stock price: | A$0.70 at close Nov. 3
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.