Coote Industrial Ltd (ASX Code: CXG) is an established provider of technical sales and services to the resources, rail, transport, defence, maritime and power generation industries.
▪ CXG intends to raise $30m via a Placement priced at $0.26, which represents a 25% discount to the last close. In conjunction with the Placement, CXG will offer shareholders the opportunity to participate in a SPP capped at $10m. The SPP will not be underwritten.
▪ Funds raised through the issue will be applied towards debt reduction and working capital. The Company will have a market capitalisation of $62m following the Placement.
▪ Patersons Securities Ltd and RBS Morgans Ltd have been appointed as Joint Lead Managers for the Placement
cheers
CXG Price at posting:
28.3¢ Sentiment: None Disclosure: Not Held
