Vmoto successfully raises A$8.9 million

On 12 June 2015, Vmoto Limited (ASX/AIM: VMT) announced that it had received firm commitments to raise approximately A$8.9 million through an oversubscribed placement of 19,780,000 ordinary shares of no par value at $0.45 per placement share.

Vmoto is a global scooter manufacturing and distribution group specialising in "green" electric powered two-wheel vehicles. The company intends to use the funds to strengthen its balance sheet, establish online sales platforms, expand distribution channels in China and enhance its manufacturing and R&D capabilities.

Application was made for the placement shares to be admitted to trading on AIM and dealing commenced on 17 June 2015. The placement shares rank pari passu with the existing ordinary shares.

Vmoto's joint UK brokers, Mirabaud Securities LLP and finnCap Ltd were joint lead managers to the UK portion of the placement.

David Brennan, Susan Johnston and Victoria Yao advised the UK brokers in this transaction.