Phoslock Raised $12 million From Institutional Investors

1 min read | April 08, 2020 07:40 PM PDT | By Team Kalkine Media

Phoslock Environmental Technologies (ASX:PET) announced that it was able to raise $12 million (before costs) through share placement of 24 million fully paid ordinary shares. Each share was issued at an issue price of 50 cents to Institutional Investors in Australia and abroad.

The Directors & Officers are expected to provide an additional $3 million, depending on shareholders’ approval.

The funds raised would enable the company to rapidly grow its China business. The funds would support the company to start big projects without any concern with respect to the working capital as well as enable PET to compete for the ever-growing prospects on offer.


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