- EP&T Global (EPX) successfully completes an $8.25 million placement
- Of the $8.25 million, $4.18 million has been raised via an unconditional placement while the remaining $4.07 million was raised via a conditional placement
- Shares were issued at 15 cents which represents a 6.3 per cent discount to EPX’s close on October 29 of 16 cents
- CEO Trent Knox says the company will use the money to invest in sales and marketing and allow the company to install its project backlog
- EPX ends the day 3.13 per cent in the green with shares trading at 16.5 cents
EP&T Global (EPX) has successfully completed an $8.25 million placement.
The company entered a trading halt on November 1 but did not disclose how much it intended to raise or what it would use the funds for.
Of the $8.25 million, $4.18 million was raised via an unconditional placement while the remaining $4.07 million was raised via a conditional placement.
Shares were issued at 15 cents which represents a 6.3 per cent discount to EPX’s close on October 29 of 16 cents and a 17 per cent discount to the 10-day volume-weighted average price of 18 cents.
Shares under the unconditional placement will settle on November 5 and be issued and begin trading on the ASX on November 8.
Subject to shareholder approval, shares under the conditional placement are expected to be issued on December 17.
According to CEO Trent Knox, EPX will use the money to invest in sales and marketing and allow the company to install its project backlog.
“The proceeds from the capital raise will allow us to further invest in sales and marketing as well as install our significant project backlog and drive increasing annualised recurring revenues over FY22,” Mr Knox commented.
“With strong ESG tailwinds and net zero targets to reduce carbon emissions, our services and proven track recored have never been more relevant.”
EPX has ended the day 3.13 per cent in the green with shares trading at 16.5 cents in $30.65 million market cap.