NSW-based Nearmap (ASX: NEA) today announced the successful completion of $70 million capital raising to push the sales and marketing capabilities of the group.
The funds were raised through the institution placement of 43,750,000 of new shares at an offer price of $1.60 per share. Under this offer the placement of new shares issued to institutional investors in Australia and overseas was underwritten by joint lead managers Macquarie Capital and Canaccord Genuity, Australia.
Dr. Rob Newman led Nearmap stated that the proceeds from this placement would be utilized to boost sales and marketing operations alongside international expansion and technological improvement. In the settlement of this placement the new shares are expected to be issued on Wednesday, 12 September 2018.
Moreover, it was also revealed today that the aerial imagery company Nearmap has secured its position in S&P/ASX 300 Index, effective at the open on September 24, 2018. This comes after the release of September 2018 Quarterly Rebalance of the S&P/ASX Indices announced by financial market indicator S&P Dow Jones indices.
Following the completion of $70 million placement, Nearmap’s stock slipped by 1.667% to $1.770 as at 7 September 2018 (12:42 PM AEST). The stock has seen a positive performance change of 192.68% over the past one year.
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