- 4DS Memory (4DS) completes an oversubscribed share purchase plan (SPP) to raise $3.5 million following a $2.5 million placement
- The company received valid applications for $5.93 million but scaled back applications by 46.46 per cent
- Refunds will be paid by either direct credit or cheque with no interest
- 4DS Memory is using the money funds raised from the SPP and placement to progress the development of its Interface Switching ReRAM technology
- Shares are trading 10 per cent higher at 5.5 cents
4DS Memory (4DS) has completed an oversubscribed share purchase plan (SPP) which raised $3.5 million.
The SPP follows a $2.5 million placement completed at the start of the month, raising a total of $6 million.
Under the SPP, existing shareholders were offered the opportunity to subscribe for up to $30,000 of new shares with a minimum of $2000. The new shares were offered at the same issue price as the placement which was 4.8 cents.
At the closing of the SPP, the company had received valid applications for about $5.93 million but will complete a scale back on applications by 46.46 per cent, raising $3.5 million. Shareholders who applied for the minimum amount will not be scaled back.
No interest will be paid on refunds which will be paid either by direct credit or cheque.
The funds used from the placement and SPP will be used to progress development of the company’s Interface Switching ReRAM technology, maintenance of intellectual property and general working capital.
Shares were trading 10 per cent higher at 5.5 cents per share at 1:21 pm AEDT.