NOW looking to raise $40M for infrastructure projects

NOW Corp. on Friday said that it was planning to raise up to $40 million in fresh funds through a combination of debt, public offering, and other financing programs to bankroll critical infrastructure projects.

In a disclosure, the listed company owned by businessman Mel Velarde said that its board, in a meeting on Thursday, approved an initiative to raise anywhere from $10 million to $40 million to finance public safety and critical communications infrastructure for the use of governments, military/public safety units, and enterprises/organizations categorized as part of 16 critical infrastructure sectors.