Southern Cross Electrical Engineering (ASX:SXE) initiated a non-underwritten share purchase plan (SPP) targeting around AU$15 million, following the completion of a fully underwritten AU$150 million institutional placement, according to a Tuesday filing with the Australian bourse.

The SPP is available to eligible shareholders in Australia and New Zealand excluding investors in the US at the same price as the placement of AU$4 per share and allows applications of up to AU$30,000 per shareholder, per the filing.

The funds will be used for working capital to support new project awards and to provide flexibility for potential acquisitions aimed at geographic expansion or capability growth, the filing said.

The SPP is scheduled to close on July 7, the filing added.