Join our daily newsletter At The Bell to receive exclusive market insights
- Anatara Lifesciences (ANR) has received firm commitments to undertake a $1.67 million placement
- The company will issue more than 11.1 million shares to sophisticated and institutional investors at 15 cents – representing a weighty 25 per cent discount to the closing price of 20 cents on October 20
- In addition, Anatara will launch a share purchase plan (SPP) to raise another $750,000
- While details regarding the share price are yet to be announced, shareholders can acquire up to $30,000 worth of shares without incurring any costs
- Anatara will use the funds to undertake a clinical study using its Gastrointestinal ReProgramming (GaRP) dietary supplement in irritable bowel syndrome
- Previous studies using GaRP have shown it reduces gut inflammation and promotes mucosal healing
- Anatara has ended the day 10 per cent in the red with shares trading for 18 cents
Anatara Lifesciences (ANR) has received firm commitments to undertake a $1.67 million placement.
The company will also be launching a share purchase plan (SPP) to raise a further $750,000.
On October 19, Anatara entered a trading halt in regards to this capital raise but did not announce how much it would be raising.
Placement
To raise the $1.67 million, 11,133,333 shares will be issued to new and existing sophisticated and institutional investors at 15 cents per share.
This price represents a 25 per cent discount to Anatara’s closing price of 20 cents on October 20.
Shares will be issued in two phases with phase one issuing 7,466,667 shares on or around October 28.
Following shareholder approval at the upcoming AGM, phase two will issue the remaining 3,666,666 shares on or around December 3.
Share purchase plan
Participants in the share purchase plan will be able to acquire up to $30,000 worth of shares without incurring any costs.
Concrete details regarding the share price are yet to be announced but they will be at least 80 per cent lower than the five-day volume-weighted average price.
The share purchase plan will open on October 28 and close on November 11.
Anatara will primarily use the funds to undertake a clinical study using its Gastrointestinal ReProgramming (GaRP) dietary supplement in irritable bowel syndrome (IBS)
Previous studies using GaRP have shown it reduces gut inflammation, promotes mucosal healing, and reduce associated pains.
Anatara has ended the day 10 per cent in the red with shares trading for 18 cents each in a $9.985 million market cap.
