- Field Solutions (FSG) completes $20 million capital raise to support working capital for the rollout of its Regional Australia Network
- FSG says new and existing shareholders showed strong support for the raise with commitments in excess of $40 million
- More than 121 million new shares will be issued at 16.5 cents each, representing a 3.1 per cent discount to the 15-day volume weighted average price
- The funds will give the company the capability to extend its network further if opportunities to increase coverage arise
- Shares resumed trade today and closed up 12.1 per cent at 18.5 cents
Field Solutions (FSG) has completed a $20 million capital raise to support working capital for the rollout of its Regional Australia Network.
The telecommunications carrier provides, builds and operates “true broadband networks” specifically for rural, regional, and remote Australia.
Yesterday, it entered a trading halt in anticipation of the raise.
FSG said strong support was received from new and existing shareholders with commitments in excess of $40 million.
More than 121 million new shares will be issued under the placement at 16.5 cents each, representing a 3.1 per cent discount to the 15-day volume weighted average price on September 28.
The company’s network roll-out is set to cover six states and the funds from the raise provide the capability for it to extend further if opportunities to increase coverage arise.
CEO Andrew Roberts said the company was extremely pleased with the strong support and the funds would provide “flexibility” when assessing inorganic growth opportunities.
Shares resumed trade today and closed up 12.1 per cent at 18.5 cents.