Austin Engineering has stockbroker Blue Ocean Equities back in the market for fresh funds on Tuesday, only months after recapitalising the company with a two-for-one rights issue.
Blue Ocean Equities contacted fund managers on Tuesday morning, seeking buyers for new shares to be issued at 16¢ each.
The offer was priced at a 13.5 per cent discount to the last close and an 18.7 per cent discount to the 15-day volume weighted average price.
The share placement was seeking to raise $8.4 million and funds raised were pegged for working capital and supporting recent contract wins, according to terms sent to potential investors.
Blue Ocean Equities was seeking bids by 4pm Tuesday.
The raising comes less than five months after Austin recapitalised the company with a two-for-one entitlement offer and share placement which together raised nearly $30 million.
That deal was done at 8¢ a share.
Austin Engineering is a designed and maker of "large yellow good" components and maintenance services provider to the mining industry.
The company's shares went into a trading halt on Tuesday ahead of the placement.
