By Corinne Reichert, ZDNet

Asia-Pacific fibre infrastructure company Superloop has announced that it successfully raised AU$22.45 million under the first stage of its fully underwritten one-for-seven pro-rata accelerated entitlement offer of shares.

Under the institutional entitlement offer, Superloop will issue around 10.7 million new shares at AU$2.10 per share on June 29.

Superloop is hoping to raise a total of AU$35.3 million by offering 16,793,942 new shares at AU$2.10 per share. Eligible shareholders can subscribe for one new share per seven existing shares, with the offer including an institutional component and a retail component.

The institutional offer was open for the exercise of entitlement between June 17 and June 20, and will see shares issued on June 29, while Australian and New Zealand retail entitlements can be exercised between June 24 and July 12, and are expected to be issued on July 19.”The funds raised from this entitlement offer will be used to fund investment in the Hong Kong TKO Express domestic submarine cable project; expansion of the HK fibre network beyond the initial network; expansion of the Singapore network (including but not limited to Project Red Lion); general working capital; and the costs of the entitlement offer,” Superloop said in an announcement to the Australian Securities Exchange (ASX) last week.

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