- Nova Eye Medical (EYE) raises $8 million through a share placement to fund the expansion of its Glaucoma Surgical Devices in the US, Europe and China
- The company issue 44.4 million new shares to existing and new institutional investors in two tranches to raise the funds
- New shares to be issued under the placement will be priced at 18 cents — a 21.7 per cent discount to Nova’s last trading price on February 24
- Company directors will subscribe for $270,000 of new shares as part of the placement, subject to shareholder approval
- EYE shares are down 13.04 per cent to 20 cents at 2:41 pm AEDT
Nova Eye Medical (EYE) has raised $8 million through a two-tranche share placement to fund the expansion of its Glaucoma Surgical Devices in the US, Europe and China.
The company said the placement, which includes the issue of 44.4 million shares, was strongly supported by existing and new institutional investors.
The first tranche includes a total of 21,004,542 securities being offered to raise $3.78 million. Under the second tranche, Nova will issue the remaining 23,439,902 shares to raise $4.22 million.
Nova Eye Medical confirmed a capital raise price of 18 cents per new share, representing a 21.7 per cent discount to its last trading price on February 24, 2023.
The company said it expected new shares issued under the placement to settle on March 7 to commence trading on March 8.
Nova Eye Medical boasts a portfolio of propriety glaucoma treatment technologies that aim to enhance clinical outcomes and improve patient quality of life.
EYE shares were down 13.04 per cent to 20 cents at 2:41 pm AEDT.