Northbridge-based consulting and construction firm VDM group announced the successful completion of its placement of eight million shares, raising $12 million at an issue price of $1.50 per share.
Northbridge-based consulting and construction firm VDM group announced the successful completion of its placement of eight million shares, raising $12 million at an issue price of $1.50 per share.
The company will convene a shareholder meeting soon to seek ratification of the placement, issued to investors of Patersons Secutities and Pendulum Capital, and to refresh the ability of the company to issue further securities, which it anticipates may be necessary for further acquisitions.
The money raised from this placement will go twards VDM's recently announced purchase of a 75 per cent stake in WA-based resources contractor Cape Crushing and Earthmoving Contractors Ltd, and comes two weeks after the company acquired Darwin-based environmental consultancy firm EcoOZ Environmental Services.
VDM shares were trading at $1.95 at 1:30 pm WST
The full announcement is available from the VDM Group page at the ASX website.
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