Xref (ASX:XF1) received a commitment from EPICapital (Tanda) to raise AU$3.6 million through the placement of 27.9 million fully paid ordinary shares at AU$0.13 per share, according to a Friday filing with the Australian bourse.
The placement price represents a 4% premium to the last closing price before Xref's trading halt on March 20 and settlement is expected on March 24, the filing said.
The company will offer a Share Purchase Plan (SPP), aiming to raise up to an additional AU$1 million at an issue price of AU$0.13 per ordinary share, a 4% premium to the last traded price of AU$0.125, the filing added.
Proceeds from the placement and SPP will reduce Xref's net debt and provide flexibility to restructure operations, improve efficiency, and enhance operational cash flow, the company said.
Shares of the company rose 8% in recent Friday trade.
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