Novatti Group (ASX:NOV)
has announced it will launch an expanded growth strategy with a $45 million capital raising, under a $40 million placement and a $5 million share purchase plan (SPP).
Novatti aims to increase its presence in existing markets, enter new markets, pursue a range of acquisition opportunities and acquire a strategic stake in software provider Reckon Limited.
The company has received firm commitments for a two-tranche placement of new, fully paid ordinary shares to sophisticated and institutional investors in Australia and overseas to raise $40 million before costs. Under the SPP, Novatti will offer all existing shareholders the opportunity to apply for new shares.
Shares in Novatti (ASX:NOV)
closed 7.03 per cent lower at $0.60.