Thorney Technologies will raise $27 million via a fully-committed two-tranche placement of ordinary shares to institutional, sophisticated and professional investors and has also announced the proposed launch of a non-underwritten $10 million non-renounceable entitlement offer to eligible shareholders. New York based investor Woodson Capital Management has been confirmed as a cornerstone investor.
An Arnold Bloch Leibler team including partners Jeremy Leibler and Jason van Grieken and including law graduates Ryan Taylor and Yvonne Truong, advised TEK on all aspects of the capital raising. Jason commented on the firm’s involvement: “We are thrilled to have advised TEK on the capital raising and the placement to a strategic investor, and we have every confidence with TEK’s continued success”.
In the ASX announcement, TEK Chairman, Alex Waislitz said: “We are delighted with the support shown by new and existing investors, with bids received well in excess of amounts raised under the Placement. We are pleased to welcome Woodson Capital Management as a substantial shareholder in TEK”.