Wellington Drive raises $7.7m

Last updated 13:28 21/09/2010
WDT 0.160 -0.01 -3.03%
WDT

Click for a detailed chart

Relevant offers

Industries

Survey shows more work needed to support women's careers Jam Space's goal to be go-to resource for NZ music industry Global beauty brand Sephora NZ stays quiet on delivery issues Coke targets 'foodies' as more people move away from fizzy New World Lower Hutt to become a pop-up supermarket Party pill pioneer Matt 'Starboy' Bowden to accept bankruptcy from Thailand Eight week extension to Kaikoura business support package We just don't love the mall like we used to: Justin Kean Guilty verdicts in Auckland roading corruption case Ngai Tahu, Ngati Whatua have top financial performance of iwi

Wellington Drive Technologies, the manufacturer of electric motors, raised $7.7 million in a share purchase plan and placement to professional investors at a 17 percent discount.

The company raised about $2 million from its share purchase plan, selling some 28.8 million shares at 7.038 cents apiece, and it raised some $5.6 million from a private placement at the same price. The shares were unchanged at 8.5 cents in trading today.

WDT will use the funds to finance ongoing development and expansion plans and is prepares increased sales and the launch of new products, according to share purchase plan document.

The capital injection adds to the $8.5 million raised this time a year ago when Australian ethical fund manager Hunter Hall Investment Manager bought 85 million shares at 10 cents each.

Ad Feedback

- BusinessDesk

Special offers

Featured Promotions

Sponsored Content