Global Construction plans $4.7m raising

Global Construction services plans to raise up to $4.7 million through a placement and has launched a share purchase plan, all in a bid to increase working capital and strengthen its balance sheet.

The company said today it has completed a $2.76 million raising through the placement of 6.9 million shares at a discounted 40 cents each to a range of sophisticated investors.

The directors have committed to raise a further $1.9 million through the issue of a 4.75 million shares at 40c apiece, with the issue subject to shareholder approval.

Shares in GCS were down 1.5c to 42.5c at 13:24 AEDT.

Meantime, eligible shareholders have the opportunity to participate in a SPP offering with shares priced at 40c each.

The company intends to open the SPP on February 23.

Further details will be released later to shareholders.