M2 Telecom has completed a $20 million share placement to institutional shareholders.
The $1.80 per share placement has seen the issuance of 11.1 million new M2 shares, ranked equally with existing shares.
The proceeds will be used to reduce debt and as possible capital to draw on for acquisitions.
M2 said it was particularly interested in acquiring companies with complementary business and customer bases, particularly those focused on the SMB market.
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