Black Pearl Group (NZE:BPG) is executing a NZ$15 million capital raising, comprising a NZ$7 million institutional placement and an NZ$8 million accelerated non-renounceable entitlement offer (ANREO), according to a Tuesday filing with the New Zealand bourse.

The offer is priced at NZ$0.95 per share, representing a 15% discount to the recent 5-day volume-weighted average price, and may issue up to 15.8 million new shares, the filing said.

Proceeds will fund the acquisition of B2B Rocket and accelerate the company's growth initiatives.

Under the ANREO, eligible shareholders may subscribe for 1 new share for every 7.7 shares held as of Aug. 13, with entitlements non-transferable and worthless if not exercised, per the filing.

The New Zealand Stock Exchange (NZX) has granted a trading halt to facilitate the placement and institutional offer, with the company set to announce the outcome on Aug. 13.

The company has applied for a secondary foreign exempt listing on the Australian Securities Exchange (ASX), expecting to begin trading in three months, pending a tier 1 audit of B2B Rocket, while retaining its NZX primary listing amid strong Australian investor interest.

The company and B2B Rocket have agreed to waive the ASX listing condition, clearing the way for their acquisition to proceed ahead of schedule, with completion targeted for Aug. 21, the filing added.