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Sealegs Closes Successful Rights Issue

Contributor:
Fuseworks Media
Fuseworks Media

2 July 2008 - Sealegs Corporation Limited (NZX:SLG) has today announced that its rights issue has closed, with 11,673,210 rights accepted as at 01 July 2008. This represents $2,918,302.50 in cash received and a take up of approximately 90%. The company will issue new shares on 04 July 2008.

Sealegs CEO, David McKee Wright, said he was "very pleased with the positive response to the rights issue given the current business environment and that the strong support from shareholders reflects the progress the company has made in the last year." He went on to say "Sealegs has an expansive business plan and the cash received from the issue would enable the company to execute the strategic plan."

Under the terms of the rights issue the company has six weeks to place the remaining 10% allotment, of which Mr McKee Wright expects will be made within the next two weeks.

Sealegs International Limited recently announced annual revenues of $9.6M for the financial year ending 31 March 2008, an increase of 75% on the previous twelve months.

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