Infomedia (ASX:IFM) has launched an $85 million capital raise.
The company will seek to raise $85 million through an institutional placement and share purchase plan, raising $70 million via the placement and an additional $15 million through the share purchase plan to fast track its growth strategy.
The placement will be conducted at a price of $1.50 a share, an 11.8 per cent discount to its Wednesday close of $1.70.
Infomedia Chief Executive and Managing Director Jonathan Rubinsztein says the company believes COVID-19 provides a unique opportunity to fast-track our growth strategy towards acquiring quality assets that leverage our global parts, service and data insights platform with enhanced technology, access to new customers and entry to new geographies.
Infomedia (ASX:IFM) is currenlty in a trading halt and shares last traded at $1.70.