Nearmap Completes $72.1 Million Institutional Placement

1 min read | September 11, 2020 12:42 PM AEST | By Team Kalkine Media

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Nearmap Ltd (ASX: NEA) announced the successful completion of its institutional placement raising $72.1 million at an issue price of $2.77 per share, representing a 4.2% discount against its closing price of $2.89 (as on 9 September 2020).

Some of the highlights of the placement include:

Placement will lead to 26 million shares being issued to various investors in Australia and chosen jurisdictions overseas
Moreover, the Company would utilise the fund to fast-track growth prospects in core industry verticals, including investment in 4^th generation camera system for developing an operational base for future growth
$20 million will be raised through a non-underwritten share purchase plan

Further, Nearmap also disclosed that its non-Executive Director, Mr Ross Norgard sold about 4.2 million shares parallel to the placement.

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