Australia-based PLC Financial Solutions Ltd. issued 6 million shares at 2 Australian cents apiece.

The company said March 19 that the share issuance represents a dilution of 8.67% to existing shareholders. The company's total shares on issue after the placement is 75,210,436.

PLC Financial said the placement was the most efficient way to raise funds needed to meet working capital requirements. It will also promote a more diverse shareholder base.