- Medical technology company HeraMED (HMD) has received commitments to raise $2.32 million via a share placement
- This placement forms part of a larger $3.82 million capital raising with the remaining $1.5 million to be raised by a share purchase plan
- In regards to the placement more than 25 million shares will be issued to sophisticated and professional investors at a price of $0.09 each
- For the share purchase plan, eligible shareholders will be able to purchase up to $30,000 worth of shares
- HeraMED will use the $3.82 million to strengthen its balance sheet and speed-up the rollout of its digital pregnancy monitoring platform, HeraCARE
- Company shares are down 4.35 per cent and are currently trading for 11 cents each
Medical technology company HeraMED (HMD) has received commitments to raise $2.32 million through a share placement.
This placement forms part of a larger $3.82 million capital raising with the remaining $1.5 million to be raised by a share purchase plan.
A total of 25,804,659 fully paid ordinary shares will be issued to sophisticated and professional investors at a price of $0.09 each.
This price represents a 21 per cent discount to the last closing price of $0.115 on May 29, and an 18 per cent discount to the five-day volume-weighted average price of $0.11.
“I am delighted by the support from both existing and new investors in this placement,” CEO and Co Founder David Groberman said.
“Since the start of COVID-19, theses been a substantial increase in interest in our telehealth maternity care platform from healthcare professionals globally and these funds will ensure we capitalise on these opportunities,” he added.
As previously stated, the remaining $1.5 million will be raised through a share purchase plan.
Eligible shareholders will be able to purchase up to $30,000 worth of new fully paid shares.
If there are less participants than estimated then HeraMED will allow sophisticated, professional, and other investors to take part.
However, it may not need to come to this as the company has already received bids for more than half.
HeraMED will use the money from both the placement and share purchase plan to strengthen its balance sheet and speed-up the rollout of its digital pregnancy monitoring platform, HeraCARE.
Company shares are down 4.35 per cent and are trading for 11 cents each at 1:47 pm AEST.