Pacific Environment Ltd (ASX:PEH) has finalised a placement to raise A$2.15 million at $0.09 each through a placement to new and existing institutional and high net-worth investors.
The company could have raised even more as the raising was oversubscribed and it will issue 23,888,889 fully paid ordinary shares to those investors.
Funds raised will support international expansion in key target markets and ongoing technology development for EnviroSuite.
PEH has met continued success in its Thames Water contract, which it won through a competitive tender alongside its Dutch partner Odournet last March.
The initial contract has a one-year duration and involves two of Thames Water’s key sites, with the option to extend both the duration and scope (Thames Water operates over 30 sites where the company’s pioneering EnviroSuite environmental monitoring system could be applied).
The contract represented Pacific Environment’s first step into the wastewater sector, which the company believes doubles its overall addressable market through the >100,000 public wastewater facilities worldwide.
Pacific Environment is working closely with Thames Water at the two sites under contract, whilst looking towards the opportunity to upscale the material US$0.3 million deal across the wider Thames Water group.
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