- Powerhouse Ventures (PVL) has completed a placement to raise $2.6 million
- The funds will be used as working capital so the company can continue its corporate objectives
- A total of 26 million new shares will issued across two instalments
- Shares were issued at a price of 10 cents each, representing a 6 per cent premium to the market close price of 9.4 cents on February 1
- Shares are trading flat today at 9.4 cents each
Powerhouse Ventures (PVL) has completed a placement to raise $2.6 million.
The funds will be used as working capital so the company can continue its corporate objectives.
This includes building off early stage investing infrastructure set up by previous management and investing more strategically.
The company is aiming to construct an investment portfolio that is diversified, broader in its maturity profile, delivers a smooth return profile, and can support fund management franchises.
A total of 26 million new shares will be issued across two instalments.
Shares were issued at a price of 10 cents each, representing a 6 per cent premium to the market close price of 9.4 cents on February 1.
The first tranche will consist of 19.5 million shares that will be issued immediately.
The second tranche, consisting of 6.5 million shares will be subject to shareholder approval.
Executive Chairman James Kruger said he is pleased by the support shown in the placement.
“The Placement was conducted at a premium to last closing price and a premium to our
reported net asset value,” he said.
“In addition to strong support from related parties and existing shareholders, the placement received significant interest and participation from new investors.
“We exist to advance emerging technologies (principally originating from Australian scientists, engineers and institutions) into globally impactful businesses.”
Shares were trading flat today at 9.4 cents each at 2.17 am AEDT.