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Indoor Skydive Australia Group Ltd Announces Capital Raising


Wednesday, 18 Sep 2013 07:16pm EDT 

Indoor Skydive Australia Group Ltd announced a capital raising which includes an institutional component (Institutional Offer) and a Renounceable Pro-Rata Entitlements Offer with Retail Trading (Retail Entitlement Offer) of new, fully paid ordinary shares at an Offer Price of $0.40 each on the basis of two new shares for every five shares held on September 24, 2013 (the Record Date) (together, the Capital Raising). Under the Capital Raising, if fully subscribed, the Company will raise $9,414,933 of new capital through the issue of 23,537,333 new shares. The Company has entered a voluntary trading halt to allow Veritas Securities Limited, the Corporate Advisor to the Company, to conduct an institutional bookbuild for 13,526,667 shares, through the renunciation of Entitlements to the Retail Entitlement Offer by certain Directors and major shareholders of IDZ, which is expected to raise up to $5.4 million. The balance of approximately $4.0 million to be raised from shareholders under the Retail Entitlement Offer. The actual amount raised under the Institutional Offer will be announced on September 23, 2013, at which time the trading halt will be lifted. The Directors have resolved to raise additional capital to fully explore the opportunities for a more rapid expansion than that originally envisaged in the Prospectus dated November 1, 2012 (as updated by supplementary prospectus). 

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