Heartland increases capital raising to $58 million
That's after it secured a further unnamed "institutional commitment" to subscribe to $3 million worth of shares at the higher of 65 cents per share or the price set by its planned $35 million share purchase plan (SPP) for its existing retail investors.
The already announced $20 million private placements in equal amounts to PGG Wrightson, the finance company's listed parent company, and Heartland's former major shareholder, the listed Pyne Gould Corporation (PGC), are at 75 cents per share.
Heartland shares were trading at 72 cents ahead of the June 14 announcement the company was to buy the PGG Wrightson finance company.
Since then, Heartland shares have fallen to 61 cents.
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