State Gas Limited (ASX:GAS) is pleased to advise it has successfully completed an A$8 million placement at $0.32 per share (Placement). The offer received strong interest and was supported by a number of Australian institutional and sophisticated investors.
Earlypay raises capital to fund new product
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The finance provider has announced an $18.9-million capital raise to fund a new trade finance product for SMEs.
Earlypay – the secured invoice financing and equipment financing provider for small-to-medium enterprises (SMEs) – has announced an expanded SME product range, which will be funded by an $18.86-million institutional placement.
Thew new trade finance product – which will support SME clients in purchasing inventory and enhance the management of working capital – has been developed and trialled by Earlypay over the last 12 months, the finance provider said.
It explained that when the clients sell the final product to their customers, the loan will convert to the finance provider’s established invoice finance product.
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Ashurst advises MLG Oz on its IPO and ASX listing
Global law firm Ashurst has advised integrated mine site services and logistics provider, MLG Oz Limited, on its initial public offer and listing on ASX.
The IPO comprised the issue of 50 million new shares, combined with a sell down of 20.7 million existing shares by MLG’s founder, Murray Leahy (who will continue to hold at least a 50.1% interest in MLG). The price of shares under the IPO was A$1.00 per share, representing an implied market capitalisation of approximately A$145.7 million. At close of trade on its first day of trading, MLG’s market capitalisation was A$184.3 million (with a share price of A$1.265).
Empire Energy Group Limited (ASX:EEG) (OTCMKTS:EEGUF) is pleased to announce that gross proceeds of $30 million at $0.30 per share has been raised through a strongly supported two-tranche placement to institutional and sophisticated investors.
Australian fixed wireless and wholesale network infrastructure carrier Swoop Telecommunications will list on the ASX through a reverse takeover.
Swoop will be acquired by Stemify Ltd in a deal worth $61.3 million, which also includes NodeOne, a Perth-based NBN retail service and fixed wireless provider.
Stemify, listed under the suffix SF1, is a shell company that formerly sold edu-tech products and 3D printers. It had a market capitalisation of $3 million.
Through the listing, Swoop aims to raise $20 million at 50 cents per share, appointing Morgans Corporate Limited as lead manager of the public offer.
The company plans to further expand its infrastructure nationally and fund potential acquisitions to expand its products and offerings.