Sentula to raise R106m through rights issue

[miningmx.com] – BULK earth-moving and exploration drilling company, Sentula, is to tap shareholders for R106m in funds through a rights issue of which about R10.4m has been underwritten by JB Equity Investors Trust.

JB Equity and another shareholders, Regarding Capital Management, have also agreed to follow their rights. The two own 19.78% and 9.69% of Sentula respectively.

Sentula said in a statement today that the funds would be used to strengthen the balance sheet, restructure debt; and grow earnings before interest, tax, depreciation and amortisation.