Prime Financial Group announces share placement with RI Group
Prime Financial Group has announced an institutional placement with RI Group, with RI taking up new shares worth 15 per cent of Prime. The placement will raise $2,400,000, for paying off debt or for future acquisitions.
The money will be placed into voluntary escrow for six months. The shares will be offered at 12 cents each, a 50 per cent premium on the 30-day volume weighted average price of 8 cents. The placement does not need shareholder approval.
RI is not seeking a representative on the Prime Financial board.
Prime Financial suffered a profit decline of 115 per cent in the previous half year. Prime Financial disclosed debts of $8.22 million in its previous six-month report.
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