Blackpearl raises $10.5m in oversubscribed placement

Blackpearl has successfully completed its off-market placement, raising $10.5 million, up from the initial target of $8m.

The placement, which was oversubscribed, attracted strong demand from New Zealand institutions, family offices, brokers, and other investors.

The company will issue shares at an offer price of $1.25 per share.

The placement shares are set to be allotted on Oct 11, 2024, with trading of the new shares commencing on the same day.

Blackpearl is also undertaking a $2m share purchase plan, bringing the total potential capital raise to $12.5m.

The share purchase plan is now open, with 1.6m shares available for existing shareholders in New Zealand.