Cellmid Limited (ASX:CDY) has raised $6 million (before costs) via a share placement from institutional and sophisticated investors.
What are the key highlights?
- The Placement will result in the issue of approximately 27.3 million fully paid ordinary shares at 22 cents each.
- Existing shareholders will have the opportunity to participate on the same terms via a Share Purchase Plan targeting an additional $1.0 million.
- Proceeds raised under the offer will be used to fund the roll out of the Wondfo SARS-V-2 diagnostic test.
- Of the total shares issued under the Placement, 17% ($1 million) will be issued to Directors Dennis Eck ($950,000) and Maria Halasz ($50,000), subject to approval at an upcoming General Meeting of shareholders.