Netlinkz Ltd (ASX:NET) has raised $1.7 million in an institutional entitlement offer forming part of a $15 million capital raising.
The completion of the instiutional offer includes a fully underwritten 1 for 4.2 entitlement offer that was announced on May 11.
Wth strong support from new and existing institutional shareholders, the 69 million new shares subscribed for are expected to be allotted on May 21 and will begin trading on a normal settlement basis on the ASX on the same day.
These shares will rank equally with existing shares of the company.
The sub-underwriting book was opened, 100% subscribed and closed with strong demand from numerous Australian institutional investors.
Retail entitlement offer
The fully underwritten retail component of the entitlement offer is expected to raise around $13.3 million before costs.
This offer will open on May18 and is scheduled to close at 5.00pm AEST on June 2.
Eligible retail shareholders on the record date will have the opportunity to invest in new shares at the offer price.
Terms of the offer are outlined in the prospectus which is expected to be dispatched to eligible retail shareholders on May 18.
Any potential shortfall in the entitlement offer has been fully sub-underwritten by Australian institutional investors.
Shaw and Partners is the lead manager and underwriter on both the institutional and retail entitlement offer.