- Intelligent Monitoring Group (IMB) raises $3.4 million from the retail component of its entitlement offer to fund acquisitions and working capital
- The company received applications for more than 1.5 million shares for about $229,000
- The shortfall will be taken up by sub-underwriters, including existing shareholder Black Crane Asia Pacific Opportunities
- The funds will be directed towards the company’s acquisition of Australian Inland Security and Mammoth
- Shares are trading 16.5 per cent lower at 9.6 cents each at market close
Intelligent Monitoring Group (IMB) has raised $3.4 million from the retail component of its entitlement offer to fund acquisitions and working capital.
The company received applications for more than 1.5 million shares for about $229,000.
The shortfall will be taken up by sub-underwriters, including existing shareholder Black Crane Asia Pacific Opportunities.
Black Crane is controlled by IMB’s Chairman, Peter Keenan, and it subscribed for about $2.3 million in new shares under the retail component.
A total of 22.7 million new shares will be issued at a price of 15 cents each on Wednesday, June 22.
Combined with the institutional component, a total of $8.4 million was raised.
The funds will be directed towards the company’s acquisition of Australian Inland Security and Mammoth.
Shares have fallen 16.5 per cent today to close at 9.6 cents each.