- Swift Media (SW1) has announced it will undertake a $4 million capital raise to speed-up growth
- The entertainment specialist entered a trading halt today and has since outlined some details of its upcoming raise
- Swift will bring in the $4 million via a $3 million placement and a $1 million share purchase plan
- However, details surrounding the number of shares to be issued and their price are yet to be released
- Swift Media will remain in the halt until the placement has been completed which the company expects to be tomorrow, November 20
- Shares in SW1 last traded for 4.9 cents on November 18
Swift Media (SW1) has announced it will undertake a $4 million capital raise to speed-up growth.
The entertainment specialist entered a trading halt today and has since outlined some details of its upcoming raise.
Swift will bring in the $4 million via a $3 million placement and a $1 million share purchase plan.
Placement
The placement will be conducted via a bookbuild, to be completed today, and Swift Media has already received strong expressions of interest from sophisticated and professional investors, as well as company directors.
Shares will then be issued on November 26.
Share purchase plan
Under the share purchase plan, eligible shareholders will be able to subscribe for up to $30,000 in shares to raise $1 million.
The share price is not yet known, but it will be the lower of either the placement price or a two per cent discount to the five-day volume-weighted average price of SW1 shares.
The SPP will open November 27, close on December 11, and shares will be issued on December 15.
“We very much appreciate the strong indicative support being received for the placement during the bookbuild stage. That we can embark on this latest raise is an encouraging sign that our accelerated growth strategy is resonating with investors,” CEO Pippa Leary said.
“A successful raise will further strengthen our balance sheet and position us to capitalise on the significant growth opportunities in our mining and resources, and aged care verticals,” she added.
Swift Media will remain in the halt until the placement has been completed, which the company expects to happen tomorrow, November 20.
Shares in SW1 last traded for 4.9 cents on November 18.