By Devika Patel
Knoxville, Tenn., July 7 - Ammtec Ltd. said it will raise A$11.5 million in a private placement of shares.
The company will sell ordinary shares at A$1.85 per share in two tranches, with the first A$6.5 million tranche settling immediately and the remainder settling upon receipt of shareholder approval.
Company chairman David Macoboy and non-executive director Ross Norgard both will participate in the placement. Macoboy will invest A$100,000, and Norgard will buy A$500,000 of the shares.
Proceeds will be used to fund a new hydrometallurgical pilot plant facility adjoining the company's existing facilities in Western Australia.
Based in Balcatta, Australia, Ammtec supplies metallurgical and mineral testing services to the mining industry.
| Issuer: | Ammtec Ltd.
|
| Issue: | Ordinary shares
|
| Amount: | A$11.5 million
|
| Price: | A$1.85
|
| Warrants: | No
|
| Investors: | David Macoboy (for A$100,000) and Ross Norgard (for A$500,000)
|
| Pricing date: | July 7
|
| Stock symbol: | Australia: AEC
|
| Stock price: | A$1.98 at close July 6
|
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