Pentanet rattles tin for $20m

16/06/2021 - 15:47

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Pentanet has entered a trading halt as it seeks $20 million from sophisticated and professional investors just six months out from listing on the ASX.

Stephen Cornish is managing director of Pentanet. Photo: Gabriel Oliveira

Pentanet has entered a trading halt as it seeks $20 million from sophisticated and professional investors just six months out from listing on the ASX.

The company had listed on the ASX in February after seeking $22.5 million through its IPO with shares priced at $0.25 each.

About half of all funds raised from this latest round will go towards accelerating the provider’s 5G network conversion with further funding to assist expansion of its cloud gaming infrastructure.

Euroz Hartleys and Bell Potter Securities are acting as joint lead managers to the placement with 27.7 million shares to be issued at $0.72 each.

Shares in the company yesterday closed at $0.76 each.

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