The company’s share purchase plan was greeted with strong demand with Industrea accepting over-subscriptions beyond its original $20 million target.

“The capital raised will help underpin our planned expansion in 2010 and to fully capitalise on the strong surge of new contracts we’ve won already in the first quarter, including our subsidiary Huddy’s Mining Services’ significant contract extension with Rio Tinto Coal’s Mount Thorley Warkworth mine in the Hunter Valley, which over the next two years is worth up to $40 million per annum,” Industrea managing director Rob Levison said.

“The additional equity raised will also be used to fully leverage new business revenues from Industrea’s new product support centre in China and our growing presence in Santiago in Chile.”

More than 23% of Industrea’s shareholders accepted the offer at 40.92c, a 5% discount to the five-day volume weighted average price up to October 9.

The allotment of 52.1 million shares will take the total number of shares on issue to 940 million.

Industrea was trading up 1.1% mid-morning today at 46c.