Nearmap to raise $25m

Aerial imagery company Nearmap has announced plans to raise up to $25 million from investors to fund development, sales and marketing work.

Nearmap plans to raise $20 million through the placement of 28.6 million shares at 70 cents each to sophisticated, professional and institutional investors.

It also hopes to raise up to a further $5 million by way of a share purchase plan, priced the same as the placement.

“This will allow Nearmap to accelerate and support delivery of its key strategic objectives: expanding our sales and marketing capability, expanding our capture footprint and delivering higher value oblique and 3D content,” Nearmap chief executive Rob Newman said.

Macquarie Capital acted as lead manager and underwriter to the placement.

Nearmap shares were 5.4 per cent lower to 70 cents each at the close of trade.