CANBERRA Investment Corporation is looking to raise almost $16 million through a renounceable rights issue.
The company intends to make a fully underwritten renounceable rights issue of 1 new ordinary share for every 5 ordinary shares at a price of 85 cents per ordinary share. The maximum number of shares which may be issued under the Rights Issue is 18,560,695 to raise approximately $15.77 million.
CIC said the new capital will be used to fund new projects that CIC has recently acquired and provide additional working capital for expansion into other projects.
The rights issue is being fully underwritten by Guinness Peat Group for an underwriting fee of 3.25%.
Australian Property Journal
