Envirosuite Limited has announced the successful completion of an institutional placement of new ordinary shares in Envirosuite to expedite the growth of the EVS Water business.
Wilsons Corporate Finance and Bell Potter Securities were lead managers to the placement.
Envirosuite is attracting investors’ interest
The Placement successfully closed on Thursday, 2 December 2021, after raising approximately $10.5 million. The Offer Price of the placement was $0.20 per New Share.
Proceeds of the Placement, will fund plans to accelerate Envirosuite’s investment into growing incremental sales in the EVS Water business to support its growth in the next 12 months.
There is strong market interest, validation of the EVS Water portfolio and clients like Water Corporation, a desalination plant, plus the recently announced GHD strategic agreements.
The raising will support
- Investment into growing the sales team focusing on the Optimiser and SeweX products
- Product and technical roles to support growth and future development requirements
- Further strategic partnerships to support implementation and success for this portfolio
Executive comments from Envirosuite
Envirosuite Chief Executive Officer, Jason Cooper said, “This capital raising is about growth. The EVS Water business is on the cusp of a tremendous market opportunity.”
“The benefits from our Environmental Intelligence technology platform are recognised by Governments and corporates seeking to improve the well-being of their citizens and clients.”
“Key global industry service providers for example GHD have managed to recognise the benefits offered by our products. We are therefore, tooling up to meet that opportunity.”
“That we have been able to raise capital in a highly sought-after Placement at a materially superior price than the previous tranche of growth funding is indicative of the trajectory of the business and investors’ appreciation of the opportunity that lies before us,” said Jason Cooper.
The Placement comprised the issue of approximately 52.3 million New Shares.
The New Shares subscribed for under the Placement are expected to settle on 10th December 2021, with allotment and normal trading on ASX to commence on 13th December 2021.
New shares under the placement will rank equally with existing Envirosuite shares. The placement was undertaken within EVS’ existing placement capacity under ASX Listing Rule 7.1.
Envirosuite expects ASX to lift the trading halt and ordinary shares to recommence trading.