OTOC Limited (ASX:OTC) has announced it has received commitments from both sophisticated and institutional investors for a $12 million placement.

 

The company intends on issuing 44.44 million shares at an issue price of $0.27.

 

Canaccord Genuity and Veritas Securities were joint lead managers for the placement, which was oversubscribed.

 

Proceeds from the raising will go towards acquisitions, as the company seeks to expand its presence nationally.

 

OTOC Limited reported a net profit of $19.7 million at 30 June 2016.