Bibra Lake-based rubber recycling and manufacturing company Reclaim Industries Ltd has raised around $660,000 through a share placement to be used for acquisitions, research and developmment, the company announced today.
The placement, of around 6 million shares at 11 cents each, came at the same time the company issued 1.6 million shares and 200,000 options to employees.
The full text of a company announcement is pasted below
Reclaim Industries Limited ("Reclaim") is pleased to advise that it has completed an issue to raise approximately $660,000 through the placement of 6 million shares at $0.11 per share.
The funds raised from the placement will be applied to acquire additional plant and equipment, to conduct research and development on tyre recycling, and to pursue opportunities for technology and business acquisitions, as well as for general working capital.
The placement is to professional and sophisticated investors.
The Company has also issued 1,567,000 shares and 200,000 options to employees, which are subject to performance and employment continuity conditions through to 30 June 2009 (235,000 shares) and 30 June 2011 (1,332,000 shares). The options are exercisable at 20 cents on or before 30 June 2010, and are subject to voluntary escrow to 31 December 2009.
The ASX Appendix 3B in relation to the issues will follow this announcement.
