- HeraMED (HMD) completes a $4 million private placement to fund early commercialisation initiatives
- The money was raised via the issue of around 30.77 million new ordinary shares priced at 13 cents each – a 13.3 per cent discount to its last closing price
- Investors participating in the placement will be allocated an attaching unlisted option on a one-for-three basis at a strike price of 22 cents per share
- Funds from the raising will go towards working capital and further development work on the HeraMED technology platform
- HeraMED last traded at 15 cents at 3:30 pm AEST
Pregnancy technology company HeraMED (HMD) has completed a $4 million private placement to sophisticated and professional investors.
The funds were raised via the issue of around 30.77 million new ordinary shares priced at 13 cents each. This represents a 13.3 per cent discount to HerMED’s last closing price before it went into a trading halt on August 22.
Over 26,104,000 new shares will be issued under tranche one, with the remaining 4,664,972 shares to be issued in a second tranche.
Every investor participating in the placement will also be allocated an attaching unlisted option on a one-for-three basis, subject to HeraMED obtaining shareholder approval.
These attaching options will have a strike price of 22 cents per share, representing a 70 per cent premium to the placement price, and an expiry date in April 2024.
Funds from the raising will go towards working capital and further development work on the HeraMED technology platform. Any additional capital will help HeraMED progress its now-well-underway commercialisation phase.
HeraMED CEO and Cofounder David Groberman said the company is delighted with the level of support enjoyed by its just-completed private placement.
“The extra capital it has delivered to the company provides the HeraMED team with the funding needed to materially progress our current development journey, which is now firmly within the early commercialisation phase as the list of HeraCARE early adopters continues to build,” Mr Groberman said.
“This growing client book has been underwritten by mounting evidence from trials and studies that our unique hybrid maternity care platform delivers marked improvements to patients’ prenatal and postpartum experience when compared to existing pregnancy monitoring methodologies.”
HeraMED last traded at 15 cents at 3:30 pm AEST.