Cellmid share placement raises $6m to fund SARS-V-2 diagnostic test roll out

What's happened?

Cellmid Limited (ASX:CDY) has raised $6 million (before costs) via a share placement from institutional and sophisticated investors.

What are the key highlights?

1. The Placement will result in the issue of approximately 27.3 million fully paid ordinary shares at 22 cents each.
2. Existing shareholders will have the opportunity to participate on the same terms via a Share Purchase Plan targeting an additional $1.0 million.
3. Proceeds raised under the offer will be used to fund the roll out of the Wondfo SARS-V-2 diagnostic test.
4. 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.