Wholesale telecom operator Vocus Communications (ASX:VOC) has provided more details of its planned $1.9 million share purchase plan.
The company said it will allow shareholders to apply for up to $15,000 worth of new VOC shares.
The issue price will be $2.00 per share – the same price as shares sold during its recent $13.1 million placement.
As with the money raised during the placement, the proceeds of the SPP will be used for working capital and to fund Vocus' expansion efforts.
It will be open to every investor which held ordinary VOC shares by March 16.
The share purchase plan offer opened on March 22, and will close at 5pm Sydney time on April 12.
It has been fully underwritten by Patersons Securities, and Vocus reserves the right to scale back allocations if the amount applied for exceeds $1.9 million.
VOC shares fell 2.1% on Wednesday to $2.330. The shares hit a six-month high of close to $2.75 earlier this month.