- Site Group International (SIT) has entered a $15 million funding arrangement with Lucerne Investment Partners
- This money will secure funding for Site’s Clark Asset, accelerate international business growth and provide working capital
- The facility will enable Site to continue optimisation and development plans with a higher degree of certainty throughout 2020 and beyond
- Site has ended the day 1.41 per cent in the red with shares trading for 7 cents apiece
Site Group International (SIT) has entered funding arrangements with Lucerne Investment Partners.
This will secure funding for Site’s previously announced plans regarding its Clark Asset and international business expansion through to 2021.
Site will utilise the $15 million funding facility to progress the development of the Clark Asset, accelerate international business growth and provide working capital.
This facility will enable Site to continue its optimisation and development plans with a higher degree of certainty throughout 2020 and beyond.
The company has significant demand and customer expansion potential that has been previously unmet due to capital constraints.
The company expects this funding initiative to provide sufficient capital to remove and cash constraints on achieving sustainable revenue growth and profit.
Site operates several businesses, specialising in the delivery of education, training and labour services.
It is currently focused on the delivery of its Safe Live Process Plant (SLPP) and Engineering Work Experience Program (EWEP) to lead the expansion of its international and domestic training business units.
The previously announced Unitraining Skills Centre for Bahrain in collaboration with Sayed Kadhem AI Durazi and Sons are part of this expansion plan.
This is in addition to a further potential expansion in Singapore and Australia.
Site has ended the day down 1.41 per cent with shares trading for 7 cents apiece in a $55.31 million market cap.