AFR says it's $18.8m at 42cInvoice, trade and equipment...

AFR says it's $18.8m at 42c

Invoice, trade and equipment financier Earlypay is getting in front of small cap fund managers to raise some growth capital.

Earlypay went into a trading halt on Tuesday for a capital raising. Louise Kennerley

The company had Henslow and Morgans in its corner on Tuesday morning, drumming up support for an $18.8 million capital raising.

New shares in the deal were being offered to funds for 42¢ each, which implied a 12 per cent discount to Earlypay’s last close, according to terms sent to potential investors.

Funds were told that the money raised would go towards fuelling the company’s growth.

The raising comes less than a week since Earlypay provided an update to the market about its trading performance through March, where it re-confirmed its guidance for the 2021 financial year.

The company notched $199 million transaction volume through March and said it expects to post more than $21 million EBITDA and more than $8.5 million NPATA in fiscal 2021.