Immediately after completion of the placement and assuming that no further shares are issued prior thereto, the group’s issued and paid-up share capital will increase to about 260.4 million shares, compared to 242.5 million shares currently.
The placement shares represent approximately 7.36% of the existing issued and paid-up share capital of the company and will represent approximately 6.86% of the enlarged share capital.
The group intends to use 51.5% or $1.6 million of the placement net proceeds to expand its presence in existing market, new market segments, and through establishing new sales channels; 25.6% or $0.8 million will be used to expansion of the group’s businesses through investments, M&A, JVs and/or collaborations with third parties; and about 23.0% or $0.7 million will be used for general working capital purposes.
As at 2.15pm, shares in Biolidics are trading 3.4% lower at 20 cents.
