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Water tech company Phoslock joins the raisers


ASX-listed water technology and engineering company Phoslock Environment Technologies has tapped Melbourne stockbroker BW Equities to raise $10 million from existing and new investors.

Street Talk.  Gabriele Charotte

BW Equities contacted funds on Tuesday morning seeking buyers for 20 million new shares at 50¢ each.

Funds raised were to “take advantage of immediate growth opportunities”, help pay for new projects and provide a bridge across short term requirements and long-term debt financing, according to terms sent to potential investors.

The deal was priced at a 14.5 per cent discount to the last close and a 10 per cent discount to the five day VWAP, the term sheet said.

BW Equities was calling for bids by 5pm on Tuesday.

The company’s shares went into a trading halt ahead of the raising.

Phoslock had a $330 million market capitalisation prior to Tuesday’s placement.



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