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Pacific Current Group raises A$12.5M via institutional placement

Pacific Current Group Ltd. raised about A$12.5 million via a fully underwritten institutional placement of shares.

The company offered about 2.07 million new fully paid ordinary shares to existing shareholders and new investors at A$6.05 apiece.

The placement is expected to be settled Dec. 11, with the new shares to be allotted and to commence trading on the ASX on Dec. 12.

The proceeds from the offering will be used to settle deferred consideration from existing investments and replenish the company's operating capital.

Ord Minnett Ltd. acted as sole lead manager, book runner and underwriter for the placement.