Wellington Drive raises $7.7m

01:28, Sep 21 2010

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.

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