Imdex is seeking to raise $28 million in a share placement through Euroz Securities and up to another $7 million via a share purchase plan.
The drilling services company went into a trading halt on Tuesday morning, as Euroz took the deal to placement to potential institutional investors.
The placement consisted of 140 million shares at 20¢ each, representing about 65 per cent of Imdex's shares on issue.
The offer was priced at a 16.7 per cent discount to the last close and a 12.6 per cent discount to the five-day volume weighted average price.
Proceeds were to repay existing debt, according to a termsheet sent to potential investors. Imdex's bank covenants have been reset but were conditional on debt reduction of atleast $25 million by September 30.
Euroz was caling for bids by 2pm on Thursday, August 20. The company was expected to resume trading on Friday.
The $28 million placement was to be followed by a SPP to existing investors on the same terms.
Imdex had a $51.9 million market capitalisation prior to the raising and its largest shareholders included Celeste Funds Management, Fidelity Investments and Northcape Capital.
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