- Medical device company Visioneering Technologies (VTI) has closed its security purchase plan after raising more than expected
- While the company originally intended to raise $1 million, additional demand from eligible holders resulted in around $1.17 million in proceeds
- The proceeds will be used for Visioneering’s international expansion, new product launches, clinical trials and other purposes
- The company will issue new CHESS Depositary Interests and options from the SPP on April 14, 2021
- Visioneering Technologies is in the grey and trading at 1.6 cents per share
Medical device company Visioneering Technologies (VTI) has closed its security purchase plan after raising more than expected.
Through the SPP, the company offered eligible security holders the chance to subscribe for up to A$30,000 in CHESS Depositary Interests (CDI’s). The CDI’s were offered at an issue price of 1.7 cents each, along with one free new listed option for every two new CDI’s subscribed for.
While Visioneering Technologies originally intended to raise only $1 million, additional demand from eligible security holders caused the SPP to become oversubscribed. In the end, the company increased the size of the security purchase plan and raised just over $1.17 million in proceeds.
This will result in the issue of 69,058,763 new CDI’s and 34,529,326 new options.
Visioneering Technologies’ CEO, Dr Stephen Snowdy, commented on the result of the company’s security purchase plan, and what the proceeds will fund.
“VTI is very pleased with the support we have received from our existing CDI holders under the SPP,” he said.
“The funds received under the SPP add to the $22.1 million raised under the placement in late March, and will be used for international expansion, new product launches, conduct of clinical trials, to meet general working capital purposes, and to fund VTI through to, or close to, break-even cash flow,” he added.
Visioneering Technologies will issue the new CDI’s and options to the eligible security holders on April 14, 2021. Holding statements will be dispatched the next day.
Visioneering Technologies is in the grey, trading at 1.6 cents per share at 1:11 pm AEST.