Scented candle company Ecoya raised $4.75 million in a share placement to partly fund its purchase of natural skincare products company Trilogy Natural Products.Ecoya today said it sold shares in the placement at 75c each, which was a 6.25 percent discoun
Scented candle company Ecoya raised $4.75 million in a share placement to partly fund its purchase of natural skincare products company Trilogy Natural Products.
Ecoya today said it sold shares in the placement at 75c each, which was a 6.25 percent discount to the closing price of shares on Friday, the day before the placement.
The placement, which included an oversubscription of $250,000, was made to major Ecoya shareholder the Business Bakery LP, interests associated with directors Rob Fyfe and Rich Frank, and to institutions and high net worth investors.
Ecoya is paying $10m for Trilogy shares now, with an earn out payment based on results for the 2011 calendar year. The maximum earn out payable would be $10m, half in cash and half in Ecoya shares issued at $1 each.
Ecoya shares were up 2c to 82c around late morning.
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