By Devika Patel
Knoxville, Tenn., Aug. 23 - Envirozel Ltd. announced it has raised A$10 million in a private placement of stock.
The company sold 20 million shares at A$0.50 each.
Southern Cross Equities Ltd. was the agent.
Proceeds will be used to help fund Envirozel's previously announced acquisition of TSF Engineering for $14 million.
Settlement is expected to occur on Aug. 31.
Envirozel designs and installs siphonic roof drainage to major buildings, such as airports, shopping centers and sporting venues throughout Australia and Southeast Asia.
| Issuer: | Envirozel Ltd.
|
| Issue: | Stock
|
| Amount: | A$10 million
|
| Shares: | 20 million
|
| Price: | A$0.50
|
| Warrants: | No
|
| Agent: | Southern Cross Equities Ltd.
|
| Pricing date: | Aug. 23
|
| Settlement date: | Aug. 31
|
| Stock symbol: | Australia: EVZ
|
| Stock price: | A$0.53 at close Aug. 22
|
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