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.