iCar Asia completes capital raising

Company News

by Lee Brooks

iCar Asia Limited (ASX:ICQ) says it has completed a $23 million capital raising and will resume trading on the market today.

The placement raised around $17.5 million through a right issue.

Major shareholder Catcha Group also committed $5 million within the next 2 months.

The money will be used to expedite growth and expansion as well as invest in new technology.

iCar Asia reported a net loss of $6.4 million for the 2016 financial year.

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