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Company News Summary

Maca Announces Equity Raising to Support Future Growth

11 Sep 2017  |  11:56:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Equity Raising to Support Future Growth

Maca advised that it has received commitments to raise $60.0m through a placement of 33.4m shares at an issue price of $1.80 per share ("Placement"). Post completion of the Placement the Company will retain a substantial cash balance. The Placement will maintain the Company's financial capacity to drive further growth opportunities. The Company expects strong growth given the exceptional pipeline of work available which would require additional mining fleet and an increase in its working capital needs. The Placement is being made to predominantly institutional and sophisticated investor clients of Hartleys, who acted as Sole Lead Manager and was significantly oversubscribed. The new shares are expected to be allotted on or around 19 September 2017.

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