SubZero Group Limited (ASX:SZG) ("SZG" or "Company") today announced that:
- it has received commitments for the placement of 24,195,000 fully paid ordinary shares in the capital of the Company (Shares) to institutional and sophisticated investors at an issue price of 10 cents per Share, to raise proceeds of approximately $2.4 million (before costs) (Placement); and
- it will provide eligible shareholders the opportunity to participate in a fully underwritten, pro rata non-renounceable entitlement offer to raise up to approximately $6.3 million (before costs). Eligible Shareholders will be able to subscribe for 1 new Share for every 3 Shares held as at 7.00 pm (Sydney time) on 15 November 2013 (Record Date) at an issue price of 10 cents per new Share, being the same price as the Shares issued under the Placement (Entitlement Offer).
The issue price of 10 cents per Share under the Placement and Entitlement Offer represents a discount of 20% to the closing price of 12.5 cents per Share on the ASX on 30 October 2013, being the last trading day before the announcement of the Placement and Entitlement Offer (together Capital Raising).
For further information please download PDF below:
