Site Group International Limited (ASX:SIT) capital raising announcement

Site Group International Limited (ASX:SIT) has successfully completed a capital raising of $800,000 through a placement to sophisticated and professional investors. The placement involved the issuance of 400 million fully paid ordinary shares at a price of $0.002 per share. Powerhouse Ventures Limited (ASX:PVL) has played a key role in structuring and arranging the placement, committing to a cornerstone investment of $300,000. Additionally, Wayburn Holdings Pty Ltd, associated with International Operations Director, Vernon Wills, will receive 100 million fully paid ordinary shares through the conversion of existing debt amounting to $200,000.

Executive commentary on Site's capital raising

The capital raising represents a significant milestone for Site Group International Limited as it positions the company to expand its training services business in the Kingdom of Saudi Arabia and the MENA region, as well as bolster its general working capital. The involvement of Powerhouse Ventures Limited as a cornerstone investor underscores the confidence in Site's strategic direction and growth prospects. The issuance of shares to Wayburn Holdings Pty Ltd further strengthens the company's financial position and reflects the commitment of key stakeholders to support Site's expansion initiatives.

Summary of Site's capital raising and outlook

Site Group International Limited (ASX:SIT) has successfully completed a capital raising of $800,000 through a placement to sophisticated and professional investors, with Powerhouse Ventures Limited committing to a cornerstone investment of $300,000. The proceeds from the capital raising will be utilized to expand Site's training services business in the Kingdom of Saudi Arabia and the MENA region, in line with the company's strategic focus on growth opportunities. Additionally, the planned Share Purchase Plan (SPP) aims to provide eligible shareholders with an opportunity to participate in the raising at the same price as the placement, further engaging the company's investor base. Site's ambitions to develop and upskill the workforce in Saudi Arabia, in partnership with oil giant Saudi Aramco under the Kingdom's Vision 2030, align with its long-term corporate strategy and growth trajectory. The company's strengthened balance sheet, coupled with its investment in a large commercial land holding in the Philippines, positions Site for pursuing tangible development-for-sale opportunities, reflecting its commitment to capitalizing on emerging prospects.