Finbar to raise $12.6m

Leading Perth-based residential apartment developer Finbar International Ltd has announced a $12.6 million capital raising.

Finbar managing director John Chan said the funds would be used for working capital and to pursue additional development opportunities to supplement the company's growing development portfolio.

The raising is by way of 15.45 million shares at $0.80 per share, and the issue has been managed by Bell Potter Securities in Melbourne.

THE FULL RELEASE IS ATTACHED BELOW.

RE: CAPITAL RAISING

Perth's leading apartment developer Finbar international Limited today announced
details of a capital raising that will raise $12,360,000.

The Company has successfully placed out 15,450,000 shares with professional and
sophisticated investors at an issue price of $0.80 per share as arranged by Bell
Potter Securities in Melbourne.

Finbar's Managing Director Mr John Chan said the funds from the capital raising
would be used for working capital and to actively seek additional development
opportunities to supplement the company's growing development portfolio.