- Wellfully (WFL) is looking to raise nearly $3.3 million through a placement and share purchase plan (SPP)
- The science-based wellness company received commitments to raise $288,000 under a placement through the issue of 3.6 million shares at eight cents each
- Up to a further $3 million will be raised through the SPP, allowing eligible shareholders to subscribe for up to $30,000 worth of shares
- Wellfully will use the money to further develop its RÉDUIT wellness brand and its SWISSWELL joint health business
- Company shares are trading down 4.41 per cent at 6.5 cents
Wellfully (WFL) has received firm commitments to raise $288,000 through a placement.
The science-based wellness company will issue 3.6 million shares at eight cents per share to professional, sophisticated and section 708 exempt investors, none of whom are directors or related parties.
In addition, Wellfully will aim to raise up to a further $3 million through a share purchase plan (SPP).
The SPP gives eligible shareholders the opportunity to subscribe for up to $30,000 worth of shares at a per share issue price which represents a six per cent discount to the five-day volume-weighted average price (VWAP).
The SPP will be open from Friday, May 13 to Tuesday, May 31.
Wellfully said the placement and SPP are part of its funding strategy to give it financial flexibility for its development goals.
Specifically, the company hopes to expand the commercial presence of its RÉDUIT range which includes skincare and haircare products.
Wellfully also aims to improve the manufacturing process and supply chain for its SWISSWELL brand which is a joint health start-up business. Extending the product range and SWISSWELL’s commercial presence is also a priority.
Company shares were down 4.41 per cent to trade at 6.5 cents at 12:19 pm AEST.