- Medical imaging company EMVision Medical Devices (EMV) has received binding commitments to undertake a $9 million placement
- To raise the funds, more than 6.3 million shares will be issued to institutional and sophisticated investors at $1.42 each
- Shares are expected to settle on July 29 and be issued to begin trading on the ASX, July 30
- EMVision will use the funds for ongoing product development and commercialisation of its first-generation portable brain scanner
- This scanner comprises a lightweight headset which contains an array of antennas that transmit safe, electro-magnetic, low power signals to the brain
- EMVision is up a slight 0.59 per cent with shares trading for $1.70 each just before market close
EMVision Medical Devices (EMV) has received binding commitments to undertake a $9 million placement.
To raise the funds, a total of 6,338,028 new ordinary shares will be issued to institutional and sophisticated investors for $1.42 each.
This price represents a 16 per cent discount to the last traded price of $1.69 and a 12.7 per cent discount to the 15-day volume weighted average price.
Shares are expected to settle on July 29 and be issued and begin trading on the ASX on July 30.
“We are delighted with the strong support for the placement from existing and new shareholders. We now have a fortified balance sheet to execute our product development and commercialisation strategy,” Chairman John Keep said.
EMVision will use the money for ongoing product development and commercialisation of its first-generation portable brain scanner, corporate administration, and general working capital.
In October 2019, EMVision completed the manufacturing of its brain scanner.
This scanner comprises a lightweight headset that contains an array of antennas which transmit safe, electro-magnetic, low power signals to the brain.
It enables clinicians to make quick and critical decisions, classifies stroke types, and improves patient outcomes.
EMVision is up a slight 0.59 per cent and shares are trading for $1.70 each at 3:53 pm AEST.