Southern Cross Electrical Engineering has announced it will strengthen its balance sheet with a $35 million capital raising.
Southern Cross said it had received firm commitments to raise $30 million through a 90 cents per share placement to new and existing Australian and international institutional and sophisticated investors.
The company will also seek to raise a further $5 million through a share purchase plan to eligible shareholders on the same terms.
Southern Cross managing director Simon High said the capital raising would ensure the company was strongly positioned for further growth.
"We are elighted with the strong level of support that Southern Cross Electrical Engineering has received from both existing and new institutional shareholders as well as sophisticated investors participating in the placement," Mr High said.
"The strengthened balance sheet will provide the company with much greater capacity to target large-scale contract opportunities in both the minerals and metals and oil and gas sectors as we continue to benefit from out long-term relationships with our blue chip clients.
"We now have the balance sheet strength to participate in the unprecedented pipeline of near to medium term committed projects."
Southern Cross now holds nearly $1 billion in tenders in the evaluation phase for work to be completed over the next three to five years.
At the close of trade today, Southern Cross shares were steady at $1.05.
