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Matrix (ASX: MCE) has successfully completed a $7m capital raise.

Matrix Composites & Engineering Ltd (ASX: MCE) is pleased to announce it has received firm commitments from both existing and new institutional and sophisticated investors to raise $7 million via a two-tranche share placement at $0.16 per share (Placement). The placement will provide flexibility to fund new projects in the recovering oil and gas market and facilitate the expansion of Matrix’s Corrosion Technology business amid growing demand.

When an ASX-listed company announces a capital raising, it generally means it is selling more shares to raise money.

More often than not, the shares are sold at a discount to the company’s share price at the time to entice new and existing investors.

Following the announcement, shares in Matrix Composites & Engineering Ltd traded 5.56% lower at $0.17/share.

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