IT&e Limited (ASX code: 'ITE' AIM: 'ITEL') advises that it has today agreed to a placement of shares to GBST Holdings Limited (ASX code: 'GBT').
The issue of shares is expected to occur on 7 December 2007.
The number of ordinary shares to be issued will be 16,000,000 at 9 cents per share raising $1.44 million. The purpose of the placement is to raise funds for working capital to develop further business opportunities in the United Kingdom and North American markets.
The issued share capital of IT&e, following allotment of the new ordinary shares, will be 250,759,970 fully paid ordinary shares. Following the issue of these 16,000,000 shares GBST will hold a relevant interest in 11% of the issued capital of ITE. GBST's initial holding of 4.9%, prior to the issue of these new shares, was acquired through the course of 2007.