Oh, sorry didn't see that HC modified it.
"Swick Mining Services has tapped Perth broker Euroz Securities to oversee a placement to institutions of 65.2 million shares.The shares are on offer at 23¢ each to raise about $15 million."
Use of funds is for supporting balance sheet, providing funds for growth opportunities and general working capital (this is me paraphrasing).
This is quite a large capital raising for them. Looks like 28% of current shares on issue. So will need special meeting and shareholder approval I think.
Presumably there will be more info provided from company shortly.
Oh, sorry didn't see that HC modified it. "Swick Mining Services...
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