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  • Ultima United (UUL) announces capital raise for Q1 2021.
  • The share issue will be at $0.60 per share, with more than 33 million made available.
  • UUL opened this morning at $0.58.
  • UUL expresses interest in Japanese market with a letter of intent signed.

Perth property developer Ultima United announced its intention to capital raise by end of Q1 this year.

The company has three developments under the belt, one each in Bentley, Cannington and Como.

Expecting more than $20M in the raise, UUL said in a statement to the ASX, it was confident with the move:

“… the Board is pleased to announce that … several parties have expressed an interest in participating in the Share Issue.”

A number of the interested parties were noted as current shareholders and directors, whom total more than 36% of the expected raise amount.

The raise is still subject to a general meeting to be held in February.

In other news, The Market Herald reported on the last day of 2020, UUL announced its intentions to enter the Japanese market.

The ambitious move is on top of only three medium density developments in Perth, Market Herald’s Oliver Gray reporting entry into the Japanese market included significant projects totalling 34,000 square metres.

Mr Gray reported that a letter of intent was signed with Japanese company Infinity Capital Group Japan.

UUL shares opened this morning at $0.58.

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