Wellington Drive raises $7.7m

Last updated 13:28 21/09/2010
WDT 0.115 0.01 4.55%
WDT

Click for a detailed chart

Relevant offers

Industries

Fox Glacier helicopter company licence suspended after fatal crash Bluff oysters fly out the door, no matter what price Is VDSL broadband as quick as ultrafast broadband in New Zealand? Sanford CEO Volker Kuntzsch defends onboard monitoring cameras Mitre 10 sold more than 400 dehumidifiers at risk of overheating Property buy-up helps boost Stride Property profit by a third Panama Papers: Lax NZ tax laws helping convicted former Kazakh PM to live in luxurious exile Finance diary Deluxe tours and picnics for South Island off-road adventure seekers Union warns enforcement, regulation issues could lead to further quarry deaths

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