Richfield International (ASX: RIS) has completed a Placement to raise A$600,000 through the issue of 6,000,000 shares at an issue price of A$0.10 per share.
The Placement is being undertaken within the company’s 15% placement capacity.
The Placement Shares will be issued to several professional and sophisticated Investors and the company said it is pleased with the support it has received.
The funding will be utilised by the company to review an investment opportunity with regards to a containerised shipping service business and to provide working capital.
Richfield International's principal activities are providing port and shipping services to the owners, operators, managers and charterers of ocean going vessels in both the liner and tramper trade. It operates predominantly in Singapore.
Disclosure: The author holds no positions in the company