NATIONAL: Listed wholesaler Mercury Brands could receive a $2 million shot in the arm, thanks to an investment agreement with Biron Capital.
The agreement would raise $2 million in equity through the sale of 166.67 million shares. Mercury Brands chairman Michael Abela said the board expected to complete $200,000 of the total placement following due diligence.
Mercury Brands has scheduled an Extraordinary General Meeting next month to approve the placement.
"Biron Capital and associates bring substantial experience and skills in the fashion industry and will provide considerable impetus to grow Mercury Brands Ltd and increase shareholder value," the company noted in a statement to shareholders.
The move followed several recent acquisitions by Mercury Brands, including the Australian Horizons business from Funtastic last month.