Raptis Group Limited (ASX:RPG) Completes Private Placement and Launches Entitlement Offer
Private Placement Completed
Raptis Group Limited (ASX:RPG) has successfully completed a private placement, issuing 22,500,000 fully paid ordinary shares at $0.01 per share, raising $225,000 before costs.
Entitlement Offer Announced
The company is undertaking a one-for-one pro rata non-renounceable entitlement offer to raise up to approximately $1,753,424 by issuing up to 175,342,427 new shares at $0.01 each.
Underwriting Arrangement
GAS Asset Holdings Pty Ltd and Hayman Developments (QLD) Pty Ltd have fully underwritten the entitlement offer, agreeing to subscribe for any shortfall up to 87,671,214 shares each.
Use of Funds
The proceeds will be used to explore purchasing the management rights business of the Sterling Broadbeach residential development, subject to shareholder approval.
Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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