- Environmental solutions company Envirosuite (EVS) successfully completes its institutional placement to raise $10.5 million
- Approximately 52.3 million new fully-paid ordinary shares were issued to institutional investors at 20 cents each
- Envirosuite will use the money to accelerate its sales in the water business to support growth over the next 12 months
- Specifically, the money will go towards investing in further growing the direct sales team and creating strategic partnerships
- Envirosuite is down 4.44 per cent on the market with shares trading at 21.5 cents
Environmental solutions company Envirosuite (EVS) has successfully completed its institutional placement to raise $10.5 million.
The company entered a trading halt yesterday but, at the time, did not disclose how much it intended to raise or what it would use the funds for.
Approximately 52.3 million new fully-paid ordinary shares were issued to institutional investors at 20 cents each.
This price represents an 11.1 per cent discount to Envirosuite’s closing price on December 1 of 22.5 cents and an 11 per cent discount to the five-day volume-weighted average price.
Wilsons Corporate Finance and Bell Potter Securities acted as joint lead managers.
Envirosuite will use the money to accelerate its sales in the water business to support growth in the next 12 months.
Specifically, the money will go towards investing in further growing the direct sales team, appointing additional product and technical roles and creating strategic partnerships.
Shares are expected to settle on December 10 and be allocated and begin trading on the ASX on December 13.
“The EVS Water business is on the cusp of a tremendous market opportunity as the benefits from our Environmental Intelligence technology platform are recognised more and more by Governments and corporates seeking to improve the well-being of their citizens and customers,” CEO Jason Cooper said.
Envirosuite was down 4.44 per cent on the market with shares trading at 21.5 cents at 12:35 pm AEDT.