• Raised $8 million through placement of 19.95 million new shares
• Placement supported by existing and new institutional, industry and sophisticated investors
• Proceeds to be used for growth, inventory expansion and debt restructuring

Aquirian Limited (ASX: AQN) has announced the successful completion of a $8 million capital raising through a share placement. The company received binding commitments to issue 19,950,000 new fully paid ordinary shares at $0.40 per share. The placement was strongly supported by existing institutional, industry and sophisticated investors, as well as new institutional investors, with demand exceeding the target raise size. The issue price represented a 9.1% discount to the last traded price and a 10.4% discount to the 15-day VWAP. The capital raised will be used to expand inventory of the company's proprietary Collar Keeper automated systems, support growth of the Drillforce business, and restructure debt facilities to align with increasing contracting activity. Aquirian's Managing Director Greg Patching commented that the strong investor support reflects growing confidence in the company's strategy and opportunities in the Drillforce business. The placement will strengthen Aquirian's balance sheet and provide capacity to accelerate the execution of its integrated drilling services offering.

The capital raising strengthens Aquirian's balance sheet and provides the capacity to accelerate execution of its Drillforce growth strategy, including expanding inventory of automated Collar Keeper Systems and supporting working capital requirements.