- DTI Group (DTI) is looking to investors to raise $2 million to provide working capital and strengthen the company’s balance sheet
- The security system supplier is offering up 111.7 million new shares at 1.8 cents to raise the funds
- The offer price represents a 12 per cent discount on the volume-weighted average price of DTI shares for the period up to September 2, 2021
- The entitlement offer is fully underwritten by Finico, which is a major shareholder of the company
- DTI Group shares closed today’s session in the grey to trade at 1.9 cents
DTI Group (DTI) is looking to investors to raise $2 million to provide working capital and strengthen the company’s balance sheet.
The security system supplier is set to undertake a 1 for 3 non-renounceable entitlement offer, putting up approximately 111.7 million new shares at 1.8 cents per share.
The offer price represents a 12 per cent discount on the volume-weighted average price of DTI shares for the period up to September 2, 2021.
DTI said eligible DTI shareholders were invited to subscribe for one new
share for every three existing shares held as at September 9, with new shares set to be issued October 6.
The entitlement offer is fully underwritten by Finico, which is a major shareholder of the company.
As part of the underwriting deed, Finico has agreed to underwrite 100 per cent of the shortfall, equating to $1,260,868 or 70,048,232 new shares.
“The proceeds of the capital raising will provide necessary working capital and strengthen the company’s balance sheet for future growth,” DTI’s statement read.
DTI Group shares closed today’s session in the grey to trade at 1.9 cents.