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An update from Aquirian Limited ( (AU:AQN) ) is now available.
Aquirian Limited has secured binding commitments for an $8 million equity placement, issuing nearly 20 million new shares at $0.40 each at a modest discount to its recent trading price. The raise was oversubscribed and backed by a mix of existing institutional, industry and sophisticated investors, as well as new institutional participants, with directors also pledging to invest subject to shareholder approval.
The fresh capital will materially bolster Aquirian’s balance sheet and fund the expansion of its automated Collar Keeper Systems inventory, critical spares and working capital to support its Drillforce growth strategy. Management says the funding will help accelerate deployment of its proprietary drilling technologies and align debt facilities with rising contracting activity, potentially strengthening its competitive position in integrated drilling services.
More about Aquirian Limited
Aquirian Limited is a mining services company that provides drill and blast solutions to clients worldwide. Its core operating units, Energetics, Technology and People, focus on innovative products and services that optimise blast hole outcomes, reduce costs, improve production efficiency and enhance environmental performance within the mining sector.
Average Trading Volume: 103,481
Technical Sentiment Signal: Buy
Current Market Cap: A$46.63M
See more insights into AQN stock on TipRanks’ Stock Analysis page.