Global Approach Limited (ASX: GLO) is floating 25 million new shares following the company's acquisition of Teys Proprietary Limited.
The float is expected to raise $5 million. Funds from the sale will be used to pay back creditors to the Teys business, provide funding for acquisitions and provide working capital.
The sale is also necessary to help re-list the company on the ASX, as it had requested a trading halt prior to the acquisition of Teys.
When the company does re-list onto the ASX, it will be known as Teys Limited.