Pulse Utilities raises $1 mln in private placement
Pulse Utilities raises $1 mln in private placement for general working capital
June 18 (BusinessWire) - Pulse Utilities New Zealand Ltd., the smart metering and electricity software company, said it raised $1 million by placing 2.1 million shares at 50 cents apiece for general working capital.
The funds will be used as the company “continues to rapidly develop its retail electricity business,” it said in a statement today.
The share sales mean Pulse is now restricted under listing rules in how much more it can raise, with its 25% capacity nearly used up. Pulse also placed a further $15,000 of convertible notes, it said.
The shares last traded at 45 cents and have dropped 36% in the past 12 months.