Net proceeds from the placements are intended to be used for general working capital purposes and partial payment of the balance purchase consideration for the acquisition of Guthrie Engineering.
Catalist-listed Ever Glory United has raised $17.05 million from the placement of 31 million new ordinary shares at an issue price of 55 cents per share.
The M&E engineering service provider says that the placement price represents a discount of about 7.72% to the volume weighted average price of 59.6 cents based on trades done on Aug 22.
