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Brandrill Provides Capital Raising and Market Update
Thursday July 2, 2009, 6:16 pm

Original Announcement: Capital Raising and Market Update

Brandrill announced that it has placed 50m shares to Resource Capital Fund, an existing substantial shareholder of the company. The shares have been placed at a price of 4 cents to raise $2m. The equity issue strengthens its balance sheet position, provides additional working capital, and supports capital equipment acquisitions. The company has a multi-option facility with an $8m facility limit with a commercial bank. As a consequence of the recent decline in revenue, one of the three lending covenants for the facility may require a short term waiver from the Bank. If required, the company intends applying for that waiver.

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