Emerging from a trading halt today, the company said the raising would be undertaken through a placement of 22.5 million shares at an issue price of $2.50 per share.

The placement is being made predominately to institutional investor clients of Hartleys.

MACA said the funds would help strengthen its balance sheet to fund the ongoing growth of the business.

It also revealed to the market that five founding shareholders would sell an aggregate 14 million shares to a small number of large institutional investors at $2.50 per share.

The company explained the sale would provide it with additional market liquidity for its shares.

MACA managing director Doug Grewar said the placement and partial sale of shares was significantly oversubscribed.

“The capital raising further strengthens MACA’s robust financial position and ensures we are well-placed to pursue new contract opportunities and continue to support our loyal clients,” he said.

“The outlook for our business is very positive.”

Following the sale of the shares and completion of the placement, the founding shareholders will retain 32% of the company.

Earlier this week, the company reported a 37% increase in net profit to $22.6 million for the half year ending in December.

The Perth-based company attributed the result to a strategy of targeting long-term projects as a means of generating visible earnings growth despite commodity price and market volatility.

It predicted revenue for the 2013 financial year to exceed $450 million, an increase of 34% over FY2012.

At the end of December, MACA had cash and listed investments totalling $44 million.

MACA shares slid 2.1% in afternoon trade to $2.79 on the news.