- HSC Technology Group (HSC) receives firm commitments to raise $1.5 million through a placement
- Institutional and sophisticated investors have put their hands up for the issue of 150 million shares offered at one cent each
- HSC plans to use the fresh capital to bolster hardware inventory levels to increase sales, which it says in turn will position the company for future growth
- Shares under the placement are scheduled to be allotted on or around Wednesday, June 8 and will rank equally with existing HSC share
- Shares resumed trade today and are up 9.09 per cent to trade at 1.2 cents at market close
HSC Technology Group (HSC) has received firm commitments to raise $1.5 million through a placement.
Emerging from a trading halt, the technology company today revealed it had undertaken a placement to institutional and sophisticated investors for the issue of 150 million shares offered at one cent each.
The offer price marks a 9.09 per cent discount to the five-day volume-weighted average price and to the last closing price on May 27.
HSC has a focus on making improvements in health technology, in particular the aged care sector and said the fresh capital will be used to bolster hardware inventory levels to increase sales, which in turn should position the company for future growth.
Given the current complexity of the current macro environment, Managing Director Graham Russell sees the participation in the capital raise as a “huge vote of confidence” in the company.
“We are most pleased with the high-quality investors HSC has involved in our journey and the new investors that have participated,” he commented.
“Our focus on building inventory is to service what we see as a very exciting pipeline and to also ensure we mitigate broader supply chain issues.”
“We very much look forward to working with all shareholders, as we continue our mission to make improvements in the Aged Care sector, and health technology, generally.”
Shares under the placement are scheduled to be allotted on or around Wednesday, June 8 and will rank equally with existing HSC shares.
Following the trading halt, shares were up 9.09 per cent to trade at 1.2 cents at market close.