Small cap duo raising for acquisitions News08 Feb 2021

Small cap fundies were being kept busy on Monday morning, with a couple of raisings to fund acquisitions landing on their desks.


First cab off the rank was verification services business CV Check, which was tapping the market for $10.5 million to acquire workforce management software company Bright People Technologies.


The new shares were being offered to funds at 16.5¢ each and CV Check would buy the business for about $15.5 million – roughly $12.5 million of which would be payable in CV Check shares upon completion.


Shaw and Partners and Ashanti Capital were lead manager on the deal.


Money raised would be used to fund the acquisition, as well as integration costs and to cover Bright People Technologies’ net debt repayments.


Meanwhile, listed oil and gas explorer Stonehorse Energy was also hunting some cash to fund its acquisition of interests in some oil and gas well bores in the United States.

 

The company was looking for as much as $5 million in fresh capital on Monday morning, and had EverBlu Capital in its corner helping it stitch together the deal.


New shares in the placement were being offered to funds at 2¢ each, which represented a 24.5 per cent discount to Stonehorse’s 15-day VWAP, and a 9.1 per cent discount to its last close.


Funds were told they would receive an option for every two placement share, which would expire in two years and come with a 4¢ strike price.


Money raised would go towards the “acquisition of an interest in oil and gas well bore interests located in Oklahoma, USA,” the term sheet said. The rest of the cash would be used for working capital.

 

Article source: AFR, 8 February 2021

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