- United Networks (UNL) has received firm commitments from investors to raise $5 million as part a heavily-oversubscribed placement
- The telco company first signalled its plans to raise funds when it entered a trading halt at the start of the week
- It’s since announced it will offer institutional and sophisticated investors almost 80 million new shares worth 6.3 cents each
- That price is a ten per cent discount to the last closing price of United’s shares
- The new shares are expected to settle on October 20, before being available to trade on October 21
- The extra capital raised by the company will used to fund further acquisitions and growth initiatives
