Ausdrill set to raise $104m
March 28, 2010
Ausdrill Limited (ASL) said it would tap the market to raise nearly $104 million through a share placement and entitlement offer. The Australian company is betting on securing new work this year which would require a range of capital expenditure.
Ausdrill, an international drilling, contract mining, supply and logistics company, said the share placement would be around 31 million shares at $2 per share.
Ausdrill added that it would also be making a 1-for-10 fully underwritten non-renounceable pro rata entitlement offer, also at $2.00 per share. The company said it hoped to raise nearly $42 million.
Ausdrill provide working capital to fund the growth of the business following the acquisition of Brandrill, and the expected growth of the company going forward.
The company also said that it was tendering for large opportunities in both Australia and Africa.
At 1044 AEDT, Ausdrill shares were trading down 15c at $2.12 per share.
Ausdrill, an international drilling, contract mining, supply and logistics company, said the share placement would be around 31 million shares at $2 per share.
Ausdrill added that it would also be making a 1-for-10 fully underwritten non-renounceable pro rata entitlement offer, also at $2.00 per share. The company said it hoped to raise nearly $42 million.
Ausdrill provide working capital to fund the growth of the business following the acquisition of Brandrill, and the expected growth of the company going forward.
The company also said that it was tendering for large opportunities in both Australia and Africa.
At 1044 AEDT, Ausdrill shares were trading down 15c at $2.12 per share.
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