Stokes Limited (ASX:SKS) has raised $2.55 million through a fully underwritten convertible note rights issue to expand its technologies division, reduce debt and for working capital.
This follows the underwriter JM Financial Group allocating the 1,744,335 shortfall convertible notes.
In addition, three of the company’s directors have taken up $993,825 of new convertible notes priced at $0.35 each under the one for four offer.
Its technologies division is a provider of LED lighting as well as audiovisual products and solutions to the commercial and industrial markets.
