TruScreen Group (ASX:TRU) launches Rights Offer of NZD$2.2 million

• Medical device maker TruScreen Group (TRU) is tapping investors for NZ$2.2 million (A$2 million) through a one-for-five rights offer
• Under the offer, TruScreen plans to issue over 72.5 million new shares at 2.9 cents per share
• The rights offer opens on February 8 and closes on March 15
• TruScreen did not specify where it planned to direct the funds, but the company’s core product is a cervical cancer screening and detection device
• Shares in TruScreen are trading at 2.9 cents at 10:29 am AEDT

Medical device maker TruScreen Group (TRU) has announced its intention to launch a one-for-five rights issue to raise around NZ$2.2 million (A$2 million).

Under the offer, TruScreen plans to issue over 72.5 million new shares at 2.9 cents per share to raise the funds. The company did not specify where it planned to direct the funds, though its core product is a cervical cancer screening and detection device.

TruScreen said it was currently targeting product sales to a range of low- and middle-income countries where no large-scale cervical screening programs or infrastructure were in place. These include China, Mexico, Vietnam, Russia, Zimbabwe and Saudi Arabia.

Only TruScreen shareholders who reside in New Zealand or Australia are eligible to participate in the upcoming rights offer.

As part of the offer, TruScreen will give shareholders who take up all of their rights in the offer the opportunity to apply for additional shares through an oversubscription facility.

The rights offer opens on February 8 and closes on March 15.

Shares in TruScreen are trading at 2.9 cents at 10:29 am AEDT.