DTI Group managing director Richard Johnson.

DTI to raise $11m

Thursday, 17 November, 2016 - 10:09

Technology company DTI Group has announced plans to raise $11.6 million from investors to bolster its balance sheet and fund development of its products.

Perth-based DTI said it would raise $4.3 million through the placement of 12.2 million shares at 35 cents each, and a further $7.3 million by way of a two-for-nine entitlement offer at the same price.

The price represents a 22 per cent discount to DTI’s last closing price.

The offer has been fully underwritten by Baillieu Holst.

The Richard Johnson-led company said the proceeds of the raising would provide capital for ongoing business and product development and marketing, while also strengthening its balance sheet.

DTI shares were 12.2 per cent lower to 39.5 cents each at 10am.