DeClout unit issuing new shares to raise $10m

CATALIST-LISTED information technology firm DeClout's IT asset recovery subsidiary, Procurri Corporation, will be issuing new shares by the end of this month to raise $10 million to fund its global expansion plans.

BT understands that DeClout will be injecting $5 million in capital into Procurri Corporation to support its globalisation efforts, which will raise its stake in Procurri's enlarged share capital to 68 per cent.

DeClout said yesterday that with the issuance of the new shares, representing 7.1 per cent of Procurri's enlarged share capital, Procurri will be valued at about $70 million post-money.