Mining services company Swick Mining Services has announced a $17.5 million capital raise.
The drilling company went into a trading halt on Friday after proposing a capital raising following reports that it had just over $700 000 in funds at 31 December.
It announced that it has raised $17.5 million through a placement to institutional and sophisticated investors.
Swick will use the funds for “new growth opportunities” and to re-commission idle drills rigs back into operational status over the next six months.
The driller is aiming to have 63 drill rigs in operation by mid June, a substantial rise from the 18 rigs in operation at 31 December.