Successful Close of Rights Issue
Sydney, Nov 25, 2014 AEST (ABN Newswire) - Indoor Skydive Australia Group Limited (
ASX:IDZ) (ISA Group) announced the successful completion of its 2 for 15 pro rata non-renounceable rights issue announced on 3 November 2014 (Rights Issue). The Rights Issue closed at 5.00pm (Sydney time) on Friday 21 November 2014, raising a total of $3.4 million. Together with the Institutional Placement completed on 31 October 2014, the total amount raised before costs will be $14.5 million.
ISA Group Chairman, Mr Ken Gillespie said "We are very pleased with the success of the overall capital raising. The result of the Rights Issue component in particular, demonstrates the strong retail support we have enjoyed since our IPO."
The successful capital raising positions ISA Group for growth and provides funding for the Gold Coast and Perth projects. The funds already received under the Institutional Placement component of the raising have been used to repay all amounts drawn down under the existing convertible note facility thereby removing the risk of conversion.
A total of 6,782,647 new ordinary shares in ISA Group will be issued under the Rights Issue (New Shares). Overall ISA Group received applications from eligible shareholders for 6,782,647 million New Shares representing 57.5% of the New Shares available. Eligible shareholders applied for 5,882,209 New Shares under entitlements and 900,438 New Shares as additional shares, being shares in excess of a shareholders' entitlement.
Allotment and issue of the New Shares under the Rights Issue will occur on 27 November 2014, along with the dispatch of holding statements.
The New Shares will commence normal trading on the ASX on 28 November 2014.
About Indoor Skydive Australia Group Ltd
Indoor Skydive Australia Group (
ASX:IDZ) was established on 04 Nov 2011 as the parent company to facilitate a number of indoor skydiving facilities to cross our region in the next 3-5 years. These facilities allowing human flight within a safe environment are currently used by tourists, enthusiasts and military throughout the world including the Australian Military and active Skydivers. Flexible operating hours, low overheads and proven technology are just a few of the highlights that support the company’s business model.
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