ThinkSmart announces $16m capital raising

ThinkSmart announces $16m capital raising

Computer equipment financing company ThinkSmart (ASX:TSM) has announced plans to raise $16 million to fund its expansion into the UK consumer market.

The company will undertake a $9.8 million non-renounceable entitlement offer and a $6.2 million institutional placement. The offers will be fully underwritten.

ThinkSmart has also raised its Australian funding facility from $80 million to $100 million, and is in discussions with banks for a new $100 million facility in Australia and a £20 million ($32.5 million) facility in the UK.

The proceeds will also be used to fund development of the Australian business, ThinkSmart added.

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