OTOC LTD 26 September 2016
OTOC COMPLETES $12 MILLION PLACEMENTOTOC is pleased to announce that is has received firm commitments from sophisticated and institutional investors to raise $12 million through the issue of 44.44 million fully paid ordinary shares at a price of $0.27 per share ("Placement").
Canaccord Genuity (Australia) Limited and Veritas Securities Limited were Joint Lead Managers to the Placement.
The Placement was oversubscribed and OTOC is pleased to welcome a number of new institutional investors to the register.
44.44 million fully paid ordinary shares will be issued under the Company's existing placement capacity pursuant to ASX Listing Rules 7.1 and 7.1A.
Net proceeds from the Placement will be used to continue acquisitive expansion in-line with OTOC's strategy to create a national quality planning, survey and spatial solutions company.
Commenting on the Placement, OTOC CEO Simon Thomas said:"We are pleased with the support of both existing and new institutional investors and are encouraged by the strong interest in the Placement. The Placement further strengthens OTOC's balance sheet and allows the Company to continue to grow via acquisitions."
- Ends - About OTOCOTOC offers surveying, planning and design services throughout Australasia. A leading provider of professional consulting and innovative spatial solutions, OTOC delivers quality service to clients across a range of industry sectors.
OTOC Australia, OTOC's Infrastructure division provides infrastructure construction and maintenance services to clients covering renewable energy, government, resources, utilities and remote areas.
For further information please contact Corporate Office
OTOC Limited
Tel (08) 9317 0628
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Otoc Limited published this content on 26 September 2016 and is solely responsible for the information contained herein.
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