Wellington Drive Technologies raises $7.7m
Energy-efficient motor maker Wellington Drive Technologies has raised $7.67 million in capital before costs.A share purchase plan has raised $2m before costs, with 28.77m shares to be issued tomorrow at 7.038c each.A mixture of new and existing profession
Energy-efficient motor maker Wellington Drive Technologies has raised $7.67 million in capital before costs.
A share purchase plan has raised $2m before costs, with 28.77m shares to be issued tomorrow at 7.038c each.
A mixture of new and existing professional investors are also taking 80.26m shares at the same price, raising $5.6m.
The capital will be used to finance expansion in WDT's business, including funding a projected increase in sales, the launch of new products with improved performance and lower manufacturing costs, and near-term operating losses.
The company had hoped to reach profitability without further capital raisings, but did not have large enough cash reserves.
Shares in WDT last traded at 8.5c.
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