Mitchell to raise $9m

The Courier-Mail - - BUSINESS -

BRISBANE drilling out­fit Mitchell Ser­vices is rais­ing $9 mil­lion as the re­sources in­dus­try im­proves.

The funds are to be used on drilling rigs and hir­ing staff as more con­tracts come on board.

Mitchell, which posted a re­duced $4.4 mil­lion loss last year, is look­ing to raise $2.5 mil­lion via big in­sti­tu­tions at 3.4¢ a share.

It also is ask­ing cur­rent in­vestors to tip in an­other $6.3 mil­lion, by buy­ing one stock for every eight they al­ready own at that same price. That 3.4¢ price is 15 per cent be­low re­cent av­er­ages of 4¢.

Stock in Mitchell climbed 0.4¢ to 4.1¢ on Fri­day.

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.