It also plans to raise a further $3 million through a share purchase plan.
Rubik said both the share placement and the share purchase plan are to be conducted at an issue price of $0.44 cents for each fully paid ordinary share.
Rubik chief executive Niek Hoogenhout said the company has received strong support from its current and new shareholders, which has seen a “broadening of the share register to include a number of highly regarded institutional investors”.
“The success of the capital raising puts the company in a strong cash position for our proposed acquisition opportunities and enables Rubik to accelerate its growth ambitions,” said Mr Hoogenhout.
Rubik said the company is currently undertaking due diligence investigations in relation to each potential opportunity and “has been granted rights for a limited period to exclusively deal with each respective counterparty in relation to the acquisition of the business”.
Rubik said it will not proceed with any final acquisition until it is satisfied with the outcome of these due diligence investigations and the agreement and terms of the transaction have been successfully negotiated.
“If completed, the potential acquisitions would be of significant value and strategic significance to Rubik going forward,” said Rubik.
Canaccord Genuity Australia is co-managing the $25 million share placement alongside CCZ Statton Equities.
The placement will be conducted in two tranches with the first tranche representing 24,400,000 shares worth approximately $10,736,000 to be completed on 16 April 2014, said Rubik.
According to Rubik, the completion of the second tranche, which includes 32,418,182 shares worth around $14,264,000 is subject to shareholder approval in line with ASX listing rules.
Rubik said shareholders will make a decision at an extraordinary general meeting around 27 May 2014.
Rubik is also conducting a share purchase plan to enable eligible shareholders to acquire up to a maximum of $15,000 worth of new shares at $0.44 per share.
The $0.44 price available to eligible shareholders for both the placement and the share purchase plan represents a 12.3 per cent discount to the volume weighted average market price of the shares on the ASX during the five days immediately to the announcement on the 10 April 2014.
