IT and telecom service provider Anittel (ASX:AYG) has raised nearly $1.1 million from a share placement to an existing investor.
The company announced it had placed 156.2 million shares to Auckland Trust Company.
Anittel managing director Peter Kazacos said the company plans to use the proceeds for new business acquisitions and developing existing operations.
“We are moving quickly with organisational improvements and a significant and dedicated investment in marketing,” he said.
Auckland Trust, an associated company to Sydney property developer Lang Walker, now owns around 19.6% of Anittel's share capital.
The pool of shares formed part of a 511.6 million share shortfall from a one-for-two rights issue which closed in June.
Both the placement and earlier rights issue were priced at $0.007 per share.
Anittel last week revealed it had been chosen as a preferred supplier to WA local governments.
AYG shares grew 16.67% in Monday's trading to $0.007.
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