Banking systems provider Rubik Financial is seeking to raise $25 million in a placement of shares through Canaccord Genuity.
Rubik went into a trading halt on Tuesday morning as Canaccord contacted clients for the offer.
The broker was seeking to place 56.8 million shares at 44¢ each. It was priced at a 16.2 per cent discount to the last traded price and a 7.1 per cent discount to the 10-day volume weighted average price.
Funds raised would be principally applied towards Rubik’s current or future acquisition opportunities, according to a termsheet sent to fund managers.
Rubik said it had entered into two-binding termsheets to acquire two mortgage platforms, but both deals were subject to due diligence and finalisation.
The company forecasts $8 million earnings before interest, tax, depreciation and amortisation in the 2014 financial year, increasing to $16 million by 2016.
Bids were set to close at 12noon on Wednesday, April 9.
