Project developer SPI is set to raise US$50 million in a private placement of shares as it looks to build out its pipeline.
Yes Yield Investments will purchase US$25 million of shares at a price of US$2.70 each. Yes Yield will also have the option to purchase a further US$25 million of share at the same price.
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Shares in SPI have traded at or below US$2 since the turn of the year.
The proceeds will be used for general corporate purposes and the expansion of the company’s project pipeline.
The company stressed that the deal is still subject to final approvals.
