- Medical diagnostics company Universal Biosensors (UBI) raises $6 million via an institutional placement of new CHESS depositary interests (CDIs)
- The funds were raised through the issue of almost 7.8 million CDIs at 77 cents, a five per cent discount to the five-day volume-weighted average price of 81 cents
- UBI will now be offering eligible shareholders the opportunity to participate in a non-renounceable pro-rata entitlement offer to raise around $20 million
- The money from the placement and entitlement offer will be used to fund new product development, manufacturing capability and working capital
- Shares in UBI are down 1.27 per cent and are trading at 77.5 cents
Medical diagnostics company Universal Biosensors (UBI) has raised $6 million via an institutional placement of new CHESS depositary interests (CDIs).
The funds were raised through the issue of almost 7.8 million new CDIs to participants at 77 cents, a five per cent discount to the five-day volume-weighted average price of 81 cents.
The CDIs are expected to settle on April 28 and are expected to be allocated and begin trading on April 29.
UBI will now be offering eligible shareholders the opportunity to participate in a non-renounceable pro-rata entitlement offer to raise around $20 million.
Participants will receive one new CDI for every 6.85 held as of April 27 and those who take up their full entitlement may participate in a top-up facility by applying for additional CDIs.
The entitlement offer is expected to open on April 29 and close on May 20.
UBI will use the money from the placement and entitlement offer to fund new product development, manufacturing capability and working capital.
“We are delighted with the support we have seen from the market,” CEO John Sharman said.
“We believe we have raised the right amount of money to secure the opportunities we have in front of us, and we look forward to building a successful future for UBI.”
Shares in UBI were down 1.27 per cent and were trading at 77.5 cents at 1:21 pm AEST.