
Janus Electric secures $4.5M strategic placement
Janus Electric (ASX:JNS) secured firm commitments to raise $4.5 million through a single-tranche private placement.
The capital raise involved the issuing of 26,450,000 new fully paid ordinary shares at a price of $0.17 per share.
The offer price represents a 17.1% discount to the last traded price of $0.205 recorded on May 4, as well as a 12.8% discount to the 5-day volume-weighted average price.
The placement attracted a diverse group of institutional and sophisticated investors across Australia, New Zealand, Hong Kong, and Singapore, following a brief trading halt requested by the company on May 5.
The funds generated from this placement are earmarked to accelerate Janus Electric’s multi-faceted growth strategy.
Key priorities for the proceeds include activating battery supply chains and funding inventory requirements for current truck production and conversion kit manufacturing.
The company plans to bolster its international sales capability, focusing on key executive hires across Australia, New Zealand, the United States, and Canada.
At the time of reporting, Janus Electric's share price was $0.20.