HeraMED (ASX:HMD) taps investors for $2.58m via private placement

• HeraMED (HMD) taps both sophisticated and professional investors for $2.58 million through a private placement
• The placement involves the issuance of 36.86 million new shares at seven cents per apiece, a 6.67 per cent discount to the company’s last traded price
• Each new share comes with an unlisted option attached on a one-for-two basis
• Proceeds from the placement will fund HeraCARE’s commercialisation strategy in key US and Australian markets, building inventory, continued refinement of the HeraCARE platform and integrating work into new customers
• HMD shares last traded at 7.5 cents

HeraMED (HMD) has tapped both sophisticated and professional investors for $2.58 million through a private placement.

The placement involves the issuance of 36.86 million new shares at seven cents per apiece, representing a 6.67 per cent discount compared to the company’s last traded price.

Additionally, each new share will come with an unlisted option attached on a one-for-two basis. The exercise price for the option is set at 12 cents per share and will expire three years from the date of issue.

HMD Executive Chairman Dr Ron Weinberger said he was pleased with the support from investors.

“In both the US and Australia, we need to capitalise on the unique opportunity to establish HeraCARE as the standard of care for remote maternity monitoring,” he said.

“We are in an enviable position because our technology has relevance across several verticals which reduces risk and should support a rapid rollout.”

The proceeds from the placement will be allocated towards funding HeraCARE’s commercialisation strategy in key US and Australian markets. It will also go toward building inventory, refining the HeraCARE platform, and integrating work into new customers.

HMD last traded at 7.5 cents.