22/10/2012 - 13:51

Atlas South Sea Pearls to move into fragrances

22/10/2012 - 13:51

Bookmark

Upgrade your subscription to use this feature.
Atlas South Sea Pearls to move into fragrances

Atlas South Sea Pearls shares have jumped after it announced plans to raise up to $5 million alongside a proposal to acquire fragrance and flavour manufacturer Essential Oils of Tasmania.

Atlas said it would pay $650,000 in shares as consideration for the acquisition.

At close of trade today, Atlas shares were up 14.9 per cent, trading at 5.4 cents.

Essential Oils of Tasmania has a 30-year history in plant processing, extraction and aging of perfume ingredients.

The purchase remains conditional on Atlas raising at least $1.5 million in new working capital and obtaining shareholder approval.

Atlas said it intends to raise up to $5 million to boost working capital and fund its expansion plans.

“The company is investigating a range of alternatives to raise this capital including through equity or debt raisings and will make a further announcement when the structure of the raising is settled,” the company said in a statement.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options