Resource Equipment Ltd will undertake a $12 million capital raising to equip the company for strong demand for its goods.
Resource Equipment Ltd will undertake a $12 million capital raising to equip the company for strong demand for its goods.
The raising, which offers over 24 million shares at 49 cents a piece, will provide the company with the funding certainty necessary to complete its capital expenditure program to keep up with strong demand.
The expenditure program will see Resource Equipment acquire assets for current and expected projects and to increase general fleet levels.
The company will raise $9 million by way of placing 18.4 million shares, with an additional $3 million worth of shares being offered to existing investors.
The offer is expected to close in February.
Also announced today, the company has signed a non-binding agreement to potentially acquire a dewatering business, but has not provided any further details.