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Safe Effect raising

BRAKE system specialist Safe Effect Technologies Ltd has announced a $750,000 capital-raising to expand the take-up of its braking system products in the mining industry. The capital raising is by way of the placement of 12.5 million shares to an Australian institutional investor at six cents per share. This represents a 20 per cent premium on the market price of five cents. Balcatta-based SafeEffect returned to trading on the ASX in early April after a long absence from the market and just after completing a convertible note issue of $9 million, the majority of which ($8.05 million) has been converted to equity at 5 cents per share during the past 35 days. The capital raising will be used for working capital purposes. Former Orbital director Ken Johnsen has led the revival of little-known company after a two-and-a-half-year suspension from trading on the ASX. Last week, the company said the latest fund raising would bolster the company’s cash reserves, and would be used to assist in a more rapid roll-out of a wider range of its sealed integrated braking systems to the mining sector. Safe Effect’s key product is designed for application on Toyota LandCruisers used in harsh environments.

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