Independence Group has announced today an Institutional Placement and Share Purchase Plan (SPP) to raise up to $280m. The Equity raising is a fully underwritten placement of $250m to sophisticated, professional, and other institutional investors.
An SPP to raise up to $30m. Funds will be used to strengthen the balance sheet by reducing debt drawdown, fund residual acquisition related costs to the Nova Project, and general corporate purposes.
The placement is being offered at $3.75 per new share which is an 8.1% discount to the last closing price. Macquarie Capital is the Sole Lead manager, Underwriter, and Bookrunner to the placement. Euroz is the Co-Lead manager to the Placement.
