The company raised $4.5 million at 2c per share in an offer managed and underwritten by Patersons Securities.
IM acquired Babylon Operations, a recently established provider of specialty equipment and services to the resources maintenance sector.
The company was set up almost a year ago by oil and gas executive and former Resource Equipment general manager Michael Shelby.
Babylon will focus on the mining and energy spaces by providing specialised equipment rental, specialised operators and technicians, and equipment maintenance, with an emphasis on the rebuild and maintenance of large diesel engines.
The board believes the business will grow, given BIS Oxford Econ...