17/04/2019 - 14:40

NSX to raise $10m, open Perth office

17/04/2019 - 14:40

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The National Stock Exchange (NSX) will raise up to $10 million via a share placement, with the funds set go towards establishing a Perth office.

In the last 12 months, four companies have listed on the NSX.

The National Stock Exchange (NSX) will raise up to $10 million via a share placement, with the funds set go towards establishing a Perth office.

In a statement, the NSX said it entered into a capital raising mandate with Perth-based CPS Capital Group, to issue shares at 20 cents each.

It said the net proceeds from the placement will be used to further enhance market connectivity to the exchange, in particular online brokers, which will fund business development activities in key markets such as Western Australia.

"Part of this strategy includes plans for the establishment of a NSX Perth office to service and support the number of companies, based out of Western Australia, that are more suited to NSX as a primary listing," it said.

CPS Capital will receive a management fee of 1 per cent,  a placing fee of 5 per cent, and an underwriting fee of 1 per cent.

NSX managing director Ann Bowering said the company was committed to providing companies with more opportunities to list.

“Importantly, this investment will also fund business development activities in key markets such as Western Australia, where there is increasing demand for an alternative IPO and listing exchange, and NSX is ideally positioned to meet this demand," she said.

In the last 12 months, four companies have listed on the NSX.

In 2018, 56 listed on the ASX

 

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