Novogen Announces Closing of Rights Issue Entitlement Offer, Notice of Shortfall

Loading...
Loading...
Novogen Limited
NVGN
, announced today the non-renounceable pro-rata rights issue entitlement announced on 21 April 2015 (Rights Issue) was completed successfully. The Rights Issue offered up to 58,971,207 new shares at an issue price of $0.30 per share and a set of short-term and long-term new options. Fully subscribed, the offering was designed to raise a maximum of $17,691,362. In accordance with Appendix 7A of the ASX Listing Rules, the Company advises the following: The Company received acceptances for a total of 56,742,571 new shares, raising $17,022,771. The shortfall under the Rights Issue therefore was 2,228,636 new shares (Shortfall Shares). The Shortfall Shares have been placed with Australian institutional investors on 2 June 2015, raising an aggregate of $668,591. Lodge Partners acted as lead agent to place the Shortfall Shares. The allotment of the new shares under the entitlement offer is scheduled to take place on 4 June 2015 and ASX trading of the new shares is expected to commence on 5 June 2015. The new options will be issued on the same date. Chairman and Chief Executive Officer, Graham Kelly, said, "This is a great result for the Company. It demonstrates the high level of support that we have in our shareholder base. This outcome, combined with the recent placement of approximately $15.5M to a number of US institutions, brings the Company's cash position to approximately $45M. This has delivered the security the Board has sought for the Company by quarantining in it from the uncertainties of the market over the next few years. We now have the security of being able to proceed with our R&D programs and our plans to turn Novogen into a global biotech company."
Loading...
Loading...
Posted In: NewsOfferingsPress Releases
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...