- Drilling contractor Swick Mining is looking to raise $15 million to fund its 2020 growth strategy within Australia and abroad
- A share purchase plan will look to raise an additional $2 million
- The company provides diamond drilling and reverse circulation drilling services internationally
- Swick’s share price is up two per cent today, currently sitting at $0.26 apiece
Drilling contractors Swick Mining is looking to raise $15 million to fund its 2020 growth strategy within Australia and abroad.
“This funding ensures Swick has the financial flexibility to pursue future organic and inorganic growth opportunities for the business,” company Managing Director Kent Swick said.
The company is looking to increase its rig fleet utilisation both nationally and internationally. By the end of the financial year, the company expects to have 70 underground rigs in motion.
This is a jump from the average of 53.6 during the FY19.
Institutional and sophisticated investors are invited to help raise the funds. Shares will be issued at $0.23 each.
An additional $2 million will expected to be raised through a share purchase plan with existing shareholders.
Swick provides underground and surface mineral drilling and mineral analysis services around the globe, this includes diamond drilling and reverse circulation drilling.
Swick’s share price is up two per cent today, currently sitting at $0.26 apiece, as of AEST 2:37 pm.