12/04/2016 - 09:56

Pioneer completes capital raising

12/04/2016 - 09:56

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Local financial services provider Pioneer Credit has raised nearly $6 million from investors as it seeks to further grow its business.

Pioneer completes capital raising
Pioneer Credit managing director Keith John.

Local financial services provider Pioneer Credit has raised nearly $6 million from investors as it seeks to further grow its business.

Pioneer Credit raised $5.8 million through the placement of 3.4 million shares at $1.70 each.

The price of the raising was in line with the company’s 10-day volume weighted average price.

Managing director Keith John said the fact that the raising was priced without a discount reinforced the outlook for the company.

“The support shown during this capital raising during what is without question a challenging time for equity markets is clear recognition of the value of our business,” he said.

“We plan on utilising the capital raising to take advantage of purchasing opportunities that are emerging in a changing market.

“Pioneer has a range of opportunities currently under negotiation and we can now move forward with certainty to conclude them on favourable terms.”

Pioneer shares were up 0.3 per cent to $1.70 each at 9:55am.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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