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.