16th Oct 2020 19:14
Water Intelligence PLC - environmental services and technology company - Proposing USD5.0 million fundraising through placing and subscription. The company will issue an aggregate of 808,000 new shares at 475 pence per share. The proceeds from the placing will be used to accelerate its "successful growth strategy", especially expanding American Leak Detection's insurance channel, accelerating organic growth of existing locations and further reacquisitions of franchises. Water Intelligence will place 688,055 new shares, raising USD4.2 million, and will offer 119,945 shares for subscription, hoping to raise USD700,000.
On top of the fundraising, Water Intelligence has also revised its existing USD4.8 million term loan by resetting its amortization period for another five years and lowering its interest rate to approximately 3.62%. As part of this reset, the firm said it opens up a new USD6 million acquisition line of credit and a new USD2 million working capital line of credit.
Current stock price: 482.30 pence
Year-to-date change: up 77%
By Paul McGowan; [email protected]
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