Offering sells 30,555,556 shares at A$0.072, 7.5% convertible notes
By Devika Patel
Knoxville, Tenn., Aug. 1 - Genetic Technologies Ltd. said it plans a A$2.2 million private placement of stock and a $5 million placement of redeemable convertible notes with Ironridge Global IV, Ltd. Ladenburg Thalmann & Co. Inc. is the agent for the notes, and Lodge Corporate Pty. Ltd. is the lead manager for the notes.
The company will sell 30,555,556 shares at A$0.072 per share, a 20% discount to A$0.09, the closing share price on July 31.
The 7.5% notes are convertible into American Depositary Shares at $3.00 per ADR.
Proceeds will be used to expand distribution for the company's breast cancer test BREVAGen, complete studies to add new ethnicities (Hispanic and African American) and expand the addressable market for BREVAGen, increase market awareness for BREVAGen through broader and more active key opinion leader and speaker programs and invest to further improve reimbursement performance as well as for general working capital.
Genetic Technologies is a Fitzroy, Australia, life sciences company.
| Issuer: | Genetic Technologies Ltd.
|
| Issue: | Shares, redeemable convertible notes
|
| Warrants: | No
|
| Pricing date: | Aug. 1
|
| Stock symbol: | Australia: GTG
|
| Stock price: | A$0.09 at close July 31
|
| Market capitalization: | A$36.73 million
|
|
|
| Shares
|
| Amount: | A$2.2 million
|
| Shares: | 30,555,556
|
| Price: | A$0.072
|
|
|
| Notes
|
| Amount: | $5 million
|
| Coupon: | 7.5%
|
| Conversion price: | $3.00
|
| Lead manager: | Lodge Corporate Pty. Ltd.
|
| Agent: | Ladenburg Thalmann & Co. Inc.
|
| Investor: | Ironridge Global IV, Ltd.
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
