Telecommunications provider 5G Networks has launched a capital raising as it looks to continue pursuing acquisitions and expanding its network.
5GN is aiming to raise $18.3 million via placement at $1.23 per share, plus an additional $4 million to existing eligible shareholders via a share purchase plan.
The company said the funds would provide balance sheet flexibility to fund merger and acquisition opportunities, the expansion of its fibre network and more.
5GN is looking specifically at growing its network in Sydney and Melbourne, as well as some new builds in Brisbane and Adelaide.
The company is also exploring investments in increasing utilisation and cross-sell initiatives, including the development of its indirect channel and accessing some unique growth opportunities during and after the ongoing COVID-19 pandemic.
The placement is expected to take place on 15 June 2020, with the share purchase plan scheduled afterwards.