- Recruitment technology company Schrole Group (SCL) receives firm commitments to undertake a $2.5 million placement
- A total of 250 million new fully-paid ordinary shares will be issued to new and existing institutional investors priced at one cent each
- Schrole is also undertaking a share purchase plan to raise up to another $1.5 million with eligible shareholders able to subscribe for up to $30,000 worth of shares
- Money from both the placement and share purchase plan will be used to accelerate growth
- Schrole ends the day in the grey with shares trading at 1.1 cents
Recruitment technology company Schrole Group (SCL) has received firm commitments to undertake a $2.5 million placement.
The company entered a trading halt on November 19 but did not disclose how much it intended to raise or how it would spend the funds.
A total of 250 million new fully-paid ordinary shares will be issued to new and existing institutional investors priced at one cent each.
This price is the same as Schrole’s closing price from November 18 and an 11.1 per cent premium to the 15-day volume-weighted average price of 0.9 cents.
Schrole will also be undertaking a share purchase plan (SPP) to raise up to an additional $1.5 million.
Eligible shareholders will be able to subscribe for up to $30,000 worth of shares, which will be priced the same as the placement of one cent, without incurring any brokerage or transaction costs.
Schrole will use the money from both the placement and share purchase plan to accelerate growth initiatives.
Managing Director Rob Graham commented on the placement.
“I am delighted that we received such strong demand from high-quality investors in the placement to institutional and sophisticated shareholders,” Mr Graham said.
“We look forward to using the capital raising proceeds to accelerate our growth journey and updating the market on our exciting progress in due course.”
Schrole has ended the day in the grey with shares trading at 1.1 cents in a $15.96 million market cap.