Site Group (ASX:SIT) has completed a placement to sophisticated and professional investors through the issue of 250 million fully paid ordinary shares at $0.003 each, with an option on a one for two basis exercisable at $0.006 for up to two years from the date of issue.
The education, training and labour services provider says funds will be used to support ongoing working capital requirements.
Site Group also says several assets and business units are now showing recovery from a heavily COVID-impacted three years, as the company's core assets relied on revenues generated from cross border transactions that were impacted by border closures.
The company highlighted opportunities including steps towards potential development of its 30-hectare leasehold facility in Clark Philippines, and a return to training projects from customers such as OceanaGold, as well as work in Saudi Arabia.
Site Group's share price is up 50% this afternoon.