Completes A$5.0 Million Capital Raise
Melbourne, Nov 2, 2018 AEST (ABN Newswire) - Rhinomed Limited (
ASX:RNO) (RHNMF:OTCMKTS) a nasal delivery technology company has successfully undertaken a placement to institutional and sophisticated domestic and international investors at $0.21 per share. The company sought to raise a minimum of A$3.0 million and up to a maximum of A$5.0m and is pleased to report that demand saw the raise close at $A5.0 million.
Key Highlights:
- Rhinomed raises $5.0 million via a placement at A$0.21 a share
- Placement supported by new institutional and existing sophisticated domesticand international investors.
- Capital Raising will position Rhinomed to accelerate revenue growth andmarketing programs through its increasing retail footprint
Both the Chairman, Mr Ron Dewhurst and CEO, Mr Michael Johnson, will participate in the placement, subject to shareholder approval that will be sought at a General Meeting of shareholders. Details on the General Meeting will be circulated in due course. A separate SPP (raising up to A$1.0 million at A$0.21) will be undertaken with details to be circulated shortly. The record date for the SPP is COB Thursday November 1st 2018.
The net proceeds of the private placement will be used to drive growth of the company's Mute snoring and sleep technology platform which is now stocked in well over 11,000 stores globally. The placement will also support further development and working capital needs. The placement is priced at $0.21 per new share. All new placement shares will rank equally with the existing shares. The Placement was well supported and managed by Bell Potter Securities Limited and Morgans Corporate Limited who acted as joint lead managers.
The Placement Shares will be issued under the Company's existing capacity under its ASX Listing Rule 7.1 and 7.1A capacity.
Number of Shares on issue prior to capital raising: 117,671,387
Shares issued under Listing Rule 7.1A (Capacity Shares): 11,767,139
Dilution as a result of issue under Listing Rule 7.1A: 10%
Share issued under Listing Rule 7.1: 12,042,385
Shares to be issued subject to shareholder approval: 246,191
Total number of shares on issue subsequent to the capital raising: 141,480,911
About Rhinomed Limited
Rhinomed Limited (ASX:RNO) is a Melbourne based technology firm with a focus on nasal, respiratory and breathing management technologies. The company is seeking to monetise applications of its technology portfolio in the Sport, Sleep, Wellbeing and Drug Delivery markets. For more information, go to www.rhinomed.global
Follow the Turbine on Twitter at @theturbinecom
Follow Mute Snoring on Twitter at @mutesnoring
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