Wellington Drive raises $4M in placement supported by SuperLife

Sun, 10 Mar 2013

March 11 (BusinessDesk) - Wellington Drive Technologies, the unprofitable manufacturer of energy efficient motors, raised $4 million in a placement to institutions, managers and existing investors such as SuperLife Investments. The stock jumped when it came off trading halt following the statement. The Auckland-based company said it is making the placement in two tranches – 16 million shares in a private placement to institutions and professional investors including SuperLife at 13 cents a share, raising $2.08 million and amounting to 19.8 pe...

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