Telecom service provider Hostech (ASX:HTC) has announced that it has raised $8.6 million via a share placement.
The company said it had raised the funds via the sale of convertible notes to Flaxton Hunter, which purchased the shares for a number of sophisticated investors.
Over $7.5 million worth of the notes have been immediately converted to new shares, Hostech said.
Hostech is on an acquisition spree so the capital will likely be used to help fund the purchases.
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