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Parkway: Raises $5.25M to fund growth initiatives

January 26, 2021

Wastewater tech company Parkway Minerals (PWN) has successfully raised just over $5 million to fund growth initiatives
The company issued over 291 million shares for 1.8 cents each, a 2.23 per cent discount to the 30-day volume-weighted average price
Under the placement, shares will also issued with free attaching unlisted options on a one-for-two basis at an exercise price of 3 cents each
With the funds from the placement, Parkway is expecting to have a cash balance of around $8.2 million
The strong funding position will also allow the company to speed up a number of growth initiatives, such as the establishment of products and services division
Parkway is down 8.33 per cent on the market this morning and is trading at 2.2 cents per share