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It will raise the money via a share purchase plan priced at a maximum of 42c – a 5% discount to the volume weighted average price over its last five trading days.
The money will be used to buy mining services equipment for the expansion of a contract held by subsidiary Huddy’s Mining Services.
The funds will also be used to sustain the growth of the company’s product businesses, including looking for additional product lines to expand its customer base in China.
Industrea managing director Rob Levison said the SPP allowed the company to pursue opportunities without taking on additional debt.
The SPP will be open to Australian and New Zealand holders of Industrea fully paid ordinary shares as of September 1.
The SPP opens next Monday and will close October 9 before the shares are available for trade on October 23.
Industrea closed up 1.06% yesterday at 47.5c.
