IMF Australia looks to raise $41m
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Litigation financier IMF Australia has launched an institutional placement in the hopes of raising $31.4 million as it looks to gain work and expand into new markets and will also tap shareholders for a further $10 million.
IMF said today it would offer 18.5 million fully paid ordinary shares at $1.70 per share in its institutional placement, with settlement expected to occur next Friday.
The offer price represents a 7.9 per cent discount to the $1.84 price IMF shares last traded at before entering a halt this morning.
IMF said it intends to lodge a redemption notice for all outstanding convertible notes upon settlement of the placement, providing greater financial flexibility and working capital as it looks to increase its cases under management beyond $2 billion and grow its business into the United States and Europe.
The company will also launch a share purchase plan of up to $10 million upon completion of the placement, offering eligible shareholders in Australia and New Zealand up to $6,000 worth of ordinary fully paid shares at an issue price of $1.70 per share.