The shares were priced at 25 cents each.
Upon completion of the placement, Medinex’s total issued share capital now comprises approximately 131.2 million shares, giving it a market capitalisation of about $32.8 million upon listing.
The application closed earlier today at 12 noon and all 30 million shares were validly subscribed and purchased with application monies received amounting to about $7.5 million. The net proceeds raised is about $5.32 million.
Of the net proceeds raised, the group intends to use about $4.0 million to expand its business operating, which includes the expansion of its marketing and business development team, as well the potential acquisition of Ark Leadership & Learning; and about $1.32 million is expected to be used for working capital.
Shares in Medinex will commence trading on the Catalist board of Singapore Exchange at 9 am on Friday, Dec 7.
