GREG Paramor’s Folkestone has raised $31.5 million from a recent capital raising.
The capital raising comprises of a placement of $25 million and $6.5 million from a prospectus offer to the public. As a result, Folkestone’s market capitalisation has substantially increased from $12 million to $43.5 million.
Folkestone has issued a further 54,470,230 ordinary shares bringing total shares on issue to 370,836,124 shares.
Paramor said the completion of the capital raising has provided the company with sufficient funds to reposition the business.
“Folkestone aims to be an active real estate investor, developer and fund manager and intends to take advantage of a number of real estate investment opportunities with attractive risk-adjusted returns,” he concluded.
Australian Property Journal
