RPM Automotive (ASX:RPM) raises $4M for tyre recycling program
RPM Automotive Group raised $4 million through a two-tranche placement at 7.2 cents per share, targeting institutional and sophisticated investors.
The capital will be allocated towards advancing the company's tyre recycling program, bolstering the company's financial position, and partially repaying a convertible note from a 2021 acquisition.
RPM Automotive maintains its earnings outlook for FY24, projecting an EBITDA between $11 million to $13 million.
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