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Goldfields Money checks off capital raising condition in Finsure Holding merger

Goldfields Money Ltd. has raised A$20 million from investors via a share offer, making it a step closer from its planned merger with mortgage wholesaler Finsure Holding Pty. Ltd.

The Australian bank received commitments from local and international investors for 15,385,000 new fully paid ordinary shares at an issue price of A$1.30 per share. The share placement is one of the conditions in its planned merger with Finsure Holding. The shares will be issued upon the completion of the merger, expected to be on Sept. 14.

Net proceeds from the placement will be used to support the company's prudential capital requirements and lending growth, it said in a news release.

Goldfields Money first announced its planned merger with Finsure in November 2017 to fend off an unsolicited offer from Firstmac Holdings Ltd. The transaction is still subject to the approval of shareholders and ASX on the quotation of the shares.