By Sheri Kasprzak
New York, Sept. 23 - Macmahon Holdings Ltd. said it plans to raise A$26,884,000 in a private placement.
The offering includes 57.2 million shares at A$0.47 each to institutional investors.
Wilson HTM Corporate Finance Ltd. and Paterson Securities Ltd. are the placement agents for the offering.
The company is also conducting a 1-for-6 renounceable rights issue at A$0.43 each for proceeds of A$31.5 million.
The proceeds will be used to expand the company's fleet to meet increasing requirements from mining clients. The rest will be used for potential acquisitions.
Based in Welshpool, Western Australia, Macmahon is a contracting company focused on underground mining, civil construction and maintenance services.
| Issuer: | Macmahon Holdings Ltd.
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| Issue: | Stock
|
| Amount: | A$26,884,000
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| Shares: | 57.2 million
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| Price: | A$0.47
|
| Warrants: | No
|
| Placement agent: | Wilson HTM Corporate Finance Ltd. and Paterson Securities Ltd.
|
| Pricing date: | Sept. 23
|
| Stock price: | A$0.535 at close Sept. 23
|
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