Black Pearl Group seeks NZ$4 million for growth

Black Pearl Group Limited (NZX:BPG) plans to raise approximately NZ$4 million to fund the growth of the company.

The capital raise will be done at a price of $0.51 per share, which is a 13.5% discount to the five-day volume weighted average price of BPG shares.

The capital raise will initially involve wholesale investor placements and will be followed by a share purchase plan offer to existing shareholders.

The placement is limited to wholesale investors in New Zealand and accredited investors in the United States.

The share purchase plan will open on October 19th for eligible shareholders, who will have the ability to apply for NZ$5,000 of shares at an issue price of NZ$0.51.