Valmec in $5m raising
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Engineering and construction group Valmec has tapped investors for $5.1 million through a strongly supported share placement that will strengthen the company’s balance sheet.
The placement received strong demand from institutional and sophisticated investors with 20 million shares issued at 25 cents each.
Hartleys acted as sole lead manager while Bell Potter Securities acted as co-manager to the raising.
“Following completion of the placement, Valmec will be in a strong financial position, ensuring the company remains well positioned to capitalise on organic and inorganic growth opportunities as they arise,” he said.
Shares in Valmec were up 1.9 per cent to 26.5 cents each at 1pm AEDT.