Scidev Ltd - Successful AUD$5m Placement with AUD$2m Shareholder Purchase Plan to follow
Scidev Ltd (ASX:SDV)

Successful AUD$5m Placement with AUD$2m Shareholder Purchase Plan to follow


What's happened?

SciDev Limited (ASX:SDV) have received binding commitments from two major institutional investors to subscribe for 7,692,308 shares at an issue price of $0.65c per share to raise $5m. SciDev will also undertake a Share Purchase Plan (SPP) to raise up to a further $2m at $0.65 per share.

What are the key highlights?

  1. One of Australia's leading fund managers, Perennial Value Management, have participated in the placement.
  2. The funds will be used primarily for three key objectives. First, SciDev will upgrade its Kings Park facility to build capacity for the supply of SciDev chemistry into the domestic infrastructure and mineral processing sectors.
  3. Secondly, SciDev will increase raw material and inventory holdings to deliver into recent contract wins and to fulfill the growing demand for SciDev chemistry.
  4. Finally, SciDev will contribute funds to capitalise the strategic Joint Venture with Nuoer which is targeting Chinese State-Owned operations outside of the PRC.

For more information, please refer to the announcement in the link below.

Managing Director's Summary

Lewis Utting

"On the back of another strong cashflow quarter, the opportunity to accelerate business growth initiatives whilst maintaining prudent operating debt levels underpinned our decision to raise capital. Funds raised will be directed towards sound business initiatives and position the Company for strong performance in FY2021.”

Lewis Utting
Managing Director, Scidev Ltd

Download Announcement

View this announcement as well as our full profile on the company.

How do I invest?

Considering investing in Scidev Ltd?
Here's how to get started.
Low Cost Brokerage ASX Cheapest ASX Trading Platform
  1. 1

    Create account

    Open an account with an online broker of your choice. If you do not have an existing broker, consider Mawson Graham's A$9.50 flat fee platform.

    Sign up now »
  2. 2

    Search for ASX:SDV

    On your online investment platform search for the stock ticker code ASX:SDV to bring up the company's shares.

  3. 3

    Buy shares

    Place your order however you wish. If you need advice on buying or selling, you should seek the assistance of a full service financial adviser experienced in small cap equities.