Phoslock Environmental Technologies (ASX:PET) capital raise for China expansion

Company News

by Rachael Jones

Water treatment business Phoslock Environmental Technologies (ASX:PET ) has raised $12 million pursuant to a share placement of 24 million fully paid ordinary shares at an issue price of 50 cents per share to Institutional Investors in Australia and internationally.

The funds raised will help facilitate the Company’s rapidly growing China business.

China’s desire to get projects started is accelerating in the post COVID – 19 environment.

All Directors, the CEO and a significant number of senior executives will contribute an additional $3 million subject to shareholder approval.

Shares in Phoslock Environmental Technologies (ASX:PET ) is in a trading Halt - Last traded at 58 cents.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.