Ausron raises $1.7m in placement

West Perth-based Ausron Ltd has raised $1.7 million though a share placement, providing the listed shell company with additional flexibility as it assesses new business opportunities.

The company placed 50 million shares at 3.5c each through the placement, managed by Southern Cross Equities.

Ausron recently appointed Craig Coleman as executive chairman and Andrew Moffat as executive director, as well as announcing a new direction, in the financial services sector.

Ausron, previously involved in forestry, sold its assets to Integrated Tree Cropping Ltd for $14 million in June last year.