Hills (ASX: HIL) is raising approximately $7M through a partially underwritten 1.35 for 1 renounceable pro-rata entitlement offer of new fully paid ordinary shares at an offer price of $0.02 per share.
The offer price is equal to the closing price on the ASX market of fully paid ordinary shares in the company on March 16 and represents a discount of 33.3% to the issue price under the placement of $0.03.
The industrial conglomerate company's share price is up 45% at 2:09pm.