Mastermyne Group Limited (ASX Code: MYE) (“Mastermyne” or “the Company”) announced today the successful completion of a $6.0 million placement through the issue of 10 million shares at $0.60 per share (“Placement”). The Placement was heavily oversubscribed and well supported by existing and new institutional investors.
The issue price represents a 3.2% discount to the close price of $0.62 on Monday, 18 September 2017 and a 2.6% premium to the five day volume weighted average price of $0.585.
Mastermyne’s CEO and Managing Director, Tony Caruso said, “We are pleased to have received a very high level of support from both existing and new institutional investors for the Placement”.
Mr Caruso said funds raised from the Placement will enable the Company to actively pursue new opportunities within the Company’s pipeline, further strengthen the balance sheet and allow the Company to move quickly as opportunities present. Shares issued as part of the Placement will rank equally in all respects with the Company’s existing fully paid ordinary shares. The Placement represents approximately 11% of the Company’s current issued shares and therefore does not require shareholder approval.
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