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SECOS Group: Raises $15M to support production expansion

September 8, 2020

Eco-friendly bioplastics developer SECOS Group (SES) has received firm commitments to raise $15 million through a placement
88.24 million fully paid ordinary shares will be issued to institutional and sophisticated investors at 17 cents each
Director Don Haller Jr has subscribed for US$100,000, however, this is subject to shareholder approval at the annual general meeting
SECOS will use the funds for capital expenditure comprising production expansion and plant optimisation, research and development
The placement was oversubscribed and received strong support from leading institutions as well as existing shareholders and institutional investors
Company shares have dropped 6.41 per cent to trade for 18.3 cents at 11:39 am AEST