- Auctus Investment Group (AVC) receives firm commitments to undertake a $10.07 million placement
- The money will be raised through the issue of 9.5 million new fully paid ordinary shares to sophisticated investors at $1.06
- Auctus will use the funds to focus on its growth and explore new asset management and investment opportunities
- Shares are expected to settle on June 25 and be allocated and quoted on June 29
- Auctus is steady on the market with shares trading at $1.08 at 1:40 pm AEST
Auctus Investment Group (AVC) has received firm commitments to undertake a $10.07 million placement.
The company entered a trading halt on June 21 but did not disclose how much it intended to raise or for what it would use the funds.
The money will be raised through the issue of 9.5 million new fully paid ordinary shares to sophisticated investors at $1.06.
Auctus will use the funds to invest into the SQ Property Opportunities Fund which is currently managed by its subsidiary, Auctus Asset Management.
Currently, the fund, along with two previous funds, is managing roughly US$135 million (A$178 million) of US-based student housing.
Additionally, Auctus intends to establish US Opportunities (USO) as an unlisted public company to be able to invest in hard to access US private equity opportunities.
The company has stated it expects to act as an investment manager to USO and will target initial capital between the range of US$20 million to US$30 million (A$26.5 million to US$39.7 million).
Shares are expected to settle on June 25 and be allocated and quoted on June 29.
Auctus was steady on the market with shares trading at $1.08 at 1:40 pm AEST.