My Net Fone has successfully completed a significantly oversubscribed $15 million equity placement to fund growth initiatives.
In a statement to the Australian Stock Exchange, the VoIP service provider said the additional funds will be used to accelerate the growth opportunity of the TNZI (Telecom New Zealand International) business, and allow for additional acquisitions for revenue and synergy growth globally.
Since November 2012, My Net Fone has acquired Callstream, Connexus, GoTalk, PennyTel, iBoss, OpenCA and TNZI.
The vast majority of the raising was contributed by existing institutional shareholders that were long-term supporters of the company.
The $15 million was raised through the placement of about 4.1 million shares at a raising price of $3.70/share.
It also welcomed a number of new domestic and international shareholders to the register.
Financial services firm, Taylor Collison, was sole lead manager to the capital raising.
Settlement of the placement is scheduled for July 7 with the new shares to be allotted on July 8.
