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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

NZPA
Tue, 21 Sep 2010

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.

NZPA
Tue, 21 Sep 2010
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Wellington Drive Technologies raises $7.7m
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