By Laura Lutz
Des Moines, Nov. 14 - Orbital Corp. Ltd. raised A$4 million from a private placement of shares.
The company sold 26.6 million shares at A$0.15 each.
Patersons Securities Ltd. acted as lead manager for the deal.
Proceeds will be used for working capital to expand the company's business.
The company also plans to offer a share purchase plan under which existing shareholders will be able to purchase additional shares at the placement price.
Orbital is an engine developer based in Balcatta, Australia.
| Issuer: | Orbital Corp. Ltd.
|
| Issue: | Ordinary shares
|
| Amount: | A$4 million
|
| Shares: | 26.6 million
|
| Price: | A$0.15
|
| Warrants: | No
|
| Manager: | Patersons Securities Ltd. (lead)
|
| Settlement date: | Nov. 14
|
| Stock symbol: | Australia: OEC
|
| Stock price: | A$0.19 at close Nov. 14
|
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