By Laura Lutz
Des Moines, Oct. 17 - Neptune Marine Services Ltd. raised A$1 million from a private placement of shares.
The company sold 5 million ordinary shares at A$0.20 each to institutional investors and clients of Patersons Securities Ltd., the lead manager of the deal.
The company subsequently completed a 2:1 renounceable rights issue of 81.7 million shares at A$0.20 each, for proceeds of A$16.3 million. Investors in the private placement were eligible to participate in the rights issue.
Patersons Securities acted as underwriter for the rights issue.
Proceeds will be used for the company's acquisitions of Allied Diving Services and Territory Diving Services.
Based in Perth, Western Australia, Neptune provides underwater maintenance for the oil, gas and maritime industries.
| Issuer: | Neptune Marine Services Ltd.
|
| Issue: | Shares
|
| Amount: | A$1 million
|
| Shares: | 5 million
|
| Price: | A$0.20
|
| Warrants: | No
|
| Manager: | Patersons Securities Ltd. (lead)
|
| Announcement date: | Oct. 17
|
| Stock symbol: | Australia: NMS
|
| Stock price: | A$0.235 at close Oct. 17
|
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