Sealegs rights issue raises expansion funds

The take up was about 90%, chief executive David McKee Wright said in a statement. "Sealegs has an expansive business plan and the cash received from the issue would enable the company to execute the strategic plan," he said.

The company will issue the new shares on July 4. The company expects to place the remaining 10% allotment within two weeks.

The stock last traded at 38 cents and has dropped from more than 80 cents in the past 12 months.

By Jonathan Underhill

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