- Eyesight specialist Visioneering Technologies (VTI) has received commitments for an oversubscribed $22 million placement
- To raise the funds, more than 1.29 billion CHESS depositary interests (CDIs) and shares will be issued to institutional and sophisticated investors at 1.7 cents
- This price represents a 13.4 per cent discount to the five-day volume-weighted average price
- Participants will also receive one option for every two CDIs or shares subscribed for, exercisable at 3 cents with expiry on February 28, 2024
- Visioneering is also offering a security purchase plan to raise up to $1 million
- Shares will be priced the same as the placement, and the company has the right to increase the size if there is significant demand
- Visioneering will use the money to undertake clinical trials, expand domestic and international sales, and launch new products
- Shares in Visioneering are up 2.5 per cent and are trading at 2.1 cents
Visioneering Technologies (VTI) has received commitments for an oversubscribed $22 million placement.
The eyesight specialist entered a trading halt on February 15 but did not disclose how much it intended to raise or what it would be using the funds for.
All up, 1,294,117,647 CHESS depositary interests (CDIs) and shares will be issued to institutional and sophisticated investors at 1.7 cents.
This price represents a 13.4 per cent discount to the five-day volume-weighted average price and a 15 per cent discount to the 15-day volume-weighted average price.
Participants will also receive one option for every two CDIs or shares subscribed for, exercisable at 3 cents with expiry on February 28, 2024.
Subject to shareholder approval, select Non-Executive Directors will subscribe to the placement to raise an additional $120,000.
The placement is expected to settle on or around March 22.
Security purchase plan
Visioneering is also offering a security purchase plan (SPP) to raise up to $1 million.
Issued CDIs under the SPP will also come with one free option for every two CDIs purchased, exercisable at 3 cents with expiry on February 28, 2024.
If there is significant demand, Visioneering has the right to increase the size of the plan.
The SPP will open on March 18, close on April 1, and shares will be issued and allocated on April 14.
Visioneering will use the money from both the placement and SPP to undertake clinical trials, expand domestic and international sales, and launch new products.
Shares in Visioneering are up 2.5 per cent and are trading at 2.1 cents at 3:08 pm AEDT.