14 Sep 2010

Candle company raises $4.75 million

12:21 pm on 14 September 2010

Scented candle company Ecoya has raised $4.75 million by selling shares to institutional and individual investors.

The company, which listed on the sharemarket in May, plans to raise another $1 million in a share offer to its New Zealand shareholders.

It will offer the shares at the same price, 75 cents each, a discount of 6.25%.

The capital raising follows Ecoya's purchase of the cosmetics company Trilogy in a deal worth 20 million dollars.

Executive chairman Geoff Ross says they have raised new equity and tapped bank finding to pay for the acquisition, which he says was well-met by the market.