Parkway's successful $2.25 million placement

Parkway Corporate Limited (ASX: $PWN) has successfully raised $2.25 million through an oversubscribed placement, with firm commitments received from local and overseas institutions, professional and sophisticated investors. The placement, executed at market, received cornerstone support from a strategic US investor, an existing substantial shareholder who has agreed to invest a further $1 million to increase their existing shareholding. The proceeds of the placement will support the acceleration of strategic growth initiatives, including the integration and growth of recently acquired Tankweld, as well as enabling the company to secure a suitable working capital facility.

Group Managing Director & CEO's comments on the successful capital raising

Parkway's Group Managing Director & CEO, Bahay Ozcakmak, expressed his satisfaction with the successful capital raising, highlighting it as an important milestone in the company's journey and a strong endorsement of their corporate strategy, particularly from existing major shareholders. Ozcakmak emphasized the strategic acquisition of Tankweld, which has transformed Parkway into an industrial water treatment company with full turnkey project delivery capabilities. He also mentioned the company's plans to establish a working capital facility and the decision to raise additional equity capital to provide maximum operational flexibility. Ozcakmak thanked the shareholders for their support and welcomed new shareholders to team Parkway, expressing anticipation for further updates on the company's progress and milestones.

Summary of Parkway's successful placement and future outlook

Parkway Corporate Limited (ASX: $PWN) has successfully raised $2.25 million through an oversubscribed placement, with strategic support from existing major shareholders and a cornerstone investment from a strategic US investor. The proceeds will be utilized to accelerate strategic growth initiatives, particularly the integration and growth of recently acquired Tankweld, and to secure a suitable working capital facility. The placement price of $0.009 per share is the same as the last closing price, and settlement of the new shares is expected to occur on 22 May 2024. The company aims to provide a broader range of services across the entire project lifecycle and deliver turnkey industrial solutions. Parkway looks forward to updating shareholders on the progress of major projects and technology commercialization activities as they achieve key milestones.