Imdex Limited (ASX:IMD) is raising $28 million through the placement of shares priced at $0.20 to institutional and sophisticated investors to reduce debt and for working capital.
The company is also undertaking a Share Purchase Plan to raise up to a further $7 million.
Placement shares will be issued in two tranches with the first being an unconditional placement of 32.4 million under its existing placement capacity.
The remaining 107.6 million shares are subject to shareholder approval at a general meeting to be held on Thursday, 24 September 2015.
Imdex’s minerals division was profitable in FY2015 with normalised EBITDA of $23.9 million though its oil and gas underperformed due to one-off impairments and provisions.
The company provides innovative drilling fluids and advanced downhole survey instrumentation to the mining, oil and gas, water well, HDD and civil engineering industries worldwide.
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$3.05 |
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0.030(0.99%) |
Mkt cap ! $1.555B | |||
| Open | High | Low | Value | Volume |
| $3.01 | $3.07 | $2.99 | $3.380M | 1.118M |
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| No. | Vol. | Price($) |
|---|---|---|
| 22 | 9167 | $3.04 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $3.05 | 7088 | 23 |
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