By Sheri Kasprzak
New York, Aug. 25 - Environmental Group Ltd. intends to close a A$1,287,000 private placement with a group of institutional and sophisticated investors.
The investors have agreed to buy 14.3 million shares at A$0.09 each.
The proceeds will be used to acquire Mine Assist Pty. Ltd.
The company will also conduct a share purchase program for up to A$750,000 at A$0.09 each offered to existing shareholders.
The proceeds from the purchase program will be used for working capital.
Based in Castle Hill, N.S.W., Australia, Environmental Group supplies turnkey gas and vapor-emission control systems.
| Issuer: | Environmental Group Ltd.
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| Issue: | Stock
|
| Amount: | A$1,287,000
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| Shares: | 14.3 million
|
| Price: | A$0.09
|
| Warrants: | No
|
| Announcement date: | Aug. 25
|
| Stock symbol: | Australia: EGL
|
| Stock price: | A$0.097 at close Aug. 25
|
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