- Tyre processor Pearl Global (PG1) has received commitments to raise up to $6.5 million, which it will use for its Stapylton facility in Queensland
- Of the $6.5 million, $5 million will raised through the issue of 55.56 million shares to investors at 9 cents each
- Subject to shareholder approval, Pearl Global’s cornerstone shareholder will subscribe for an additional $1.5 million to maintain their current holding
- As stated before, Pearl Global will use the funds to expand its facility in Stapylton, Queensland, and construct needed equipment
- The money will also go towards costs associated with production and the placement, as well as general working capital
- Pearl Global is down a slight 1.06 per cent and shares are trading for 9.3 cents at 3:36 pm AEDT
