North Ridge investee, GeoOp, has completed the final stage of its highly successful capital program. Following on from an initial NZ$2.0m placement, GeoOp completed a fully subscribed $1.6m rights issue and converted/repaid all remaining convertible debt ($2.4m).

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Thursday 5 July 2018 

GEO COMPLETES FULLY SUBSCRIBED ENTITLEMENT OFFER 

GeoOp Limited (Company​) is pleased to announce that it has successfully completed its pro rata 1-for-4 entitlement offer announced on 6 June 2018 (Offer​), with strong support from shareholders. 

The Offer was fully subscribed and raised gross proceeds of approximately $1,633,628 from the issue of 10,647,364 new shares. 9,429,918 shares taken up under the Offer at 15 cents per share are expected to be allotted and commence trading on 9 July 2018. The balance of 1,217,446 shares was allocated from the shortfall facility at 18 cents per share and will be settled on or before 30 November 2018. 

​Approximately $530,000 of issue proceeds will be used to partially repay the Company’s existing working capital facility. The remaining balance of this facility along with all outstanding convertible notes will convert to equity at the Offer pricing. 

​At the conclusion of its well-supported capital initiatives, GEO will be debt free with sufficient liquidity to progress its FY19 growth initiatives.