Irongate Group: Completes $50m institutional placement

Irongate Group Completes $50m institutional placement

• Irongate Group (IAP) has completed its $50 million fully underwritten institutional placement
• More than 32 million new fully paid ordinary stapled securities at an issue price of $1.5 per new security
• The company says money raised will partly fund the acquisition of a 50 per cent interest in an office building located in Cremorne, Victoria for a purchase price of $130 million
• New securities will be on the same terms as and rank equally with existing IAP securities from the date of issue
• Irongate shares are down 5.1 per cent to trade at $1.57 at 1:11 pm AEDT