Australia's Goldfields Money Ltd. expects to close its merger with mortgage wholesaler Finsure Holding Pty. Ltd. in July.
The lender added in a June 4 release that the acquisition received approval from the country's Federal Treasurer on June 1, subject to the raising of at least A$20 million in common equity Tier 1 capital.
About A$4.7 million was raised in April from a private placement of fully paid ordinary shares, it said, and it aims to raise at least A$15.3 million more to ensure the merged group maintains sufficient capital requirements while funding further lending growth.
The two companies have also agreed to extend the date by which remaining conditions for the deal are to be satisfied or waived, to July 31. These include the obtaining of necessary approvals from Goldfields Money shareholders and other regulators.
