SciDev to Raise $860,000 via placement principally to strategic...

SciDev to Raise $860,000 via placement principally to strategic investors

SciDev Ltd (ASX: SDV, SciDev or the Company) advises that the Company has secured commitments to raise $860,000 in working capital.

• Strategic investors introduced to assist in the expansion and growth of SciDev’s business.
• Capital will accelerate the roll-out of the SciDev business, leveraging off opportunities generated from recent staff appointments.
• Capital to be raised at $0.006 per share, via a two-tranche placement process.
• Price of the issue represents an 8.8% discount to the 15-day volume-weighted-average-price (VWAP) for SciDev shares.

Pricing is better than I thought it would be. Good to see both Kanins Australia and Lewis Utting take up the majority of this also - to me that shows a vote of confidence and that there won't be loose placement stock floating around.

Let's hope the capital is put to good use.