UPDATE: 2.40pm Litigation funder IMF has announced a $31.4 million capital raising to bolster its balance sheet as it seeks to grow its business internationally.
The raising, by way of an institutional placement, will be priced at a 7.9 per cent discounted price of $1.70 a share.
IMF said the funds would be used to redeem all its outstanding convertible notes and boost working capital ahead of a drive to lift its case load to more than $2 billion and grow its business in the US, UK and Netherlands.
IMF also flagged a share purchase plan for existing retail investors, raising up to an extra $10 million.
Retail shareholders will be given the opportunity to subscribe for $6000 worth of new shares, also priced at $1.70.IMF shares last changed hands for $1.845.