SubZero Group Limited (ASX:SZG) ("SZG") is pleased to announce that it has today completed the placement of 24,195,000 fully paid ordinary shares at an issue price of 10 cents per share to raise approximately $2.4 million.
The placement is the first component of the capital raising of up to approximately $8.7 million (before costs) to be conducted in conjunction with the fully underwritten, 1:3 pro rata non-renounceable Entitlement Offer also at 10 cents per new share announced to the market on 1 November 2013.
In making the announcement SZG Chairman Malcolm Jackman said "We are delighted with the positive response from new institutional and sophisticated investors and look forward to the successful completion of the Entitlement Offer which is scheduled to open on 19 November 2013."
The Prospectus for the Entitlement Offer was lodged with ASIC and the ASX on 7 November 2013 and is scheduled to be sent to Eligible Shareholders together with a personalised Entitlement and Acceptance Form on 19 November 2013.
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