Synertec Corporation Limited raises AU$5.0 million via share placement

Synertec Corporation Limited (ASX: SOP) announced that it had received binding commitments from the institutional and sophisticated investors to raise AU$5.0 million via the placement. The placement includes the issue of 31.25 million fully paid ordinary shares at AU$0.16 per new share. The issue price denotes a 13.5% discount to the last closing price of $0.185 per share on 08th September 2022 and a 14.1% discount to the 5-day Volume Weighted Average Price.

The fund raised via the placement will be used to drive technology development and commercialisation of its ESG-focused technologies to support the decarbonisation of its large and esteemed customer base and for working capital applied to fund a growing portfolio of engineering solutions with its blue-chip customer base.

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