Field Solutions Holdings Limited (ASX: FSG), Australia’s leading rural and regional telecommunications carrier, is pleased to release the results of its successful capital raise.
Highlights
• Successful institutional placement raising $20M
• Commitments for greater than $40M ($25M above planned raise)
• Strong support from new and existing institutional and sophisticated investors
• Proceeds from the capital raising will be used to continue funding FSG’s organic growth strategy and provide flexibility when assessing inorganic growth opportunities
FSG is pleased to announce it has received commitments from institutional and sophisticated investors to raise approximately $20m (before costs) via an institutional placement. FSG CEO, Andrew Roberts said: “We are extremely pleased to receive strong support from new and existing shareholders in this capital raise” The additional funding will allow us to support working capital in the roll-out of our Regional Australia Network (RAN), covering 6 states and allow capability to extend further if opportunities arise to increase coverage and capability.”
The Placement received strong demand from existing and new institutional investors as well as sophisticated investors. FSG will issue 121,212,122 new fully paid ordinary shares under the Placement using the Company’s Listing Rule 7.1 (78,472,768 shares) and 7.1A (55,648,512 shares) capacity at an issue price of $0.165 per New Share, which represents a 3.1% discount to the 15 day volume weighted average price (“VWAP”) of $1.70 as at 28 September 2021.
For more information, download the attached PDF.
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