Oldfields Launches $5m entitlement offer
- Painting tools company Oldfields (OLH) launches a one-for-2.18 entitlement offer to raise $5 million
- The company plans to issue roughly 76.9 million new shares at 6.5 cents per share — the same price Old fields last traded at prior to announcing the raise
- The platform will use the money to support growth initiatives and execute its strategic goals, which include expanding into new markets and optimising manufacturing capabilities
- The company last week reported revenue of $8.92 million over Q1 FY23 and today said it expected to maintain its revenue performance for the remainder of the financial year
- Shares in the company have been trading at 6.5 cents since October 6
