Funtastic Limited
(ASX:FUN) has emerged from a trading halt and announced the completion of an oversubscribed $15 million placement.
The placement comprised 88.2 million shares at 17 cents per share, representing a 5.6 per cent discount on Funtastic’s closing price last Friday.
$5 million out of the proceeds will be directed towards the acquisition of slushy maker Chill Factor, while the balance will strengthen the toy distributor’s balance sheet.
The company is in the process of finalising an agreement to acquire and commercialise the Chillmaker brand, which it expects to be earnings accretive in the current financial year.
Funtastic generated a net profit of $9.27 million in the first half of fiscal 2013.
