Site Group International Limited
(ASX:SIT) has entered into binding commitments to raise a total of $5.2 million via a share placement.
The funds raised together with Site’s existing cash reserves will be utilised to finalise earn out, acquisition and repayment to the vendors of acquired businesses of working capital accounts.
The company said the funds will also provide additional working capital to fund an expected increase of receivables as revenues grow.
The $4 million of placement shares that are not subject to shareholder approval are expected to be issued in two tranches over the next two weeks.
Site Group recorded a net profit of $1.95 million at 30 June 2015.
