21/08/2015 - 14:30

Imdex to raise $35m

21/08/2015 - 14:30

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Perth-based mining services company Imdex today announced two capital raisings with a $28 million placement and $7 million share purchase plan.

Imdex to raise $35m

Perth-based mining services company Imdex today announced two capital raisings with a $28 million placement and $7 million share purchase plan.

The placement of 140 million shares will be made at a price of 20 cents a share.

The share purchase plan will be offered at the same price as the placement, with existing shareholders each able to buy up to $15,000 worth of shares.

Managing director Bernie Ridgeway said that board members would all be buying shares under the plan.

“The current directors will apply for the full amount available to each of them as shareholders under the SPP,” Mr Ridgeway said.

Imdex says that $28.4 million of the raisings’ proceeds will be used to reduce debt, with the remaining proceeds, roughly $3.1 million, intended as additional working capital.

The company announced an annual net loss of $22.5 million on Wednesday this week.

Both capital raising measures will be lead managed by Euroz Securities.

Trade in Imdex shares are due to reopen next week, having been suspended at 24 cents a share for most of the week under a trading halt associated with the announcements.

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