leadf
logo-loader
viewRPM Automotive Group Ltd

RPM Automotive Group raises $5.1 million in strongly supported and oversubscribed placement

The placement will enable the company to advance its operations together with providing working capital and funding for potential new opportunities.

RPM Automotive Group Ltd - RPM Automotive Group to raise $5.1 million following firm commitments from key clients
RPM Automotive Group is a leading player in the Australian Automotive Aftermarket

RPM Automotive Group Ltd (ASX:RPM) has received strong support from new investors, including a number of high-quality Australian institutions, for a placement which has closed oversubscribed and raised $5.1 million.

Firm commitments have been received from clients of Everblu Capital, Aiken Murray, Sequoia Wealth Management and DH Flinders to raise the funds within two tranches.

The first tranche of around $2.4 million will be completed under the company’s 15% capacity and the second tranche of $2.7 million (before expenses) will be subject to shareholder approval in late December 2020 along with the issue of the unlisted options.

RPM will place 27,059,736 shares at an issue price of 19 cents per share plus a 1 for 3 free attaching unlisted option exercisable at 38 cents with an expiry date of two years from the date of issue.

Provides "outstanding platform”

Managing director Clive Finkelstein said: “The placement was well oversubscribed and will provide an outstanding platform for RPM to grow and expand its current businesses together with the potential to acquire other new opportunities.

“We are delighted by the strong support for the placement from new investors, including a number of high-quality Australian institutions that have joined our register and I would like to sincerely thank everyone who participated in the raising for their support.”

The issue of the shares and options will be subject to shareholder approval and the placement will enable the company to advance its operations together with providing working capital and funding for potential new opportunities.

Quick facts: RPM Automotive Group Ltd

Price: 0.2 AUD

ASX:RPM
Market: ASX
Market Cap: $20.05 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of RPM Automotive Group Ltd named herein, including the promotion by the Company of RPM Automotive Group Ltd in any Content on the Site, the...

FOR OUR FULL DISCLAIMER CLICK HERE

RPM Automotive focused on growth following Citic Autoparts acquisition

RPM Automotive Group Limited's (ASX:RPM) Grant Carman caught up with Proactive's Andrew Scott following its recent acquisition of major tyre distributor Citic Autoparts Pty Ltd. Citic Autoparts will change its name to RPM Autoparts Pty Ltd, following the deal, which will take effect from October...

on 5/10/20

2 min read