By Devika Patel
Knoxville, Tenn., April 7 - Starpharma Holdings Ltd. said it plans to raise between A$4.3 million and A$4.6 million in a private placement of stock.
The company will sell about 11.8 million ordinary shares at A$0.26 per share in the first tranche for A$3.1 million.
It will settle a second tranche in May for between A$1.2 million and A$1.5 million. This second tranche will be priced at the lesser of A$0.26 per share and the volume weighted average price per share over the five trading days immediately prior to the settlement.
The company also said it will conduct a share purchase plan, which will be priced at A$0.26.
Proceeds will be used as operating capital for development activities.
Starpharma is a biotechnology company located in Melbourne, Australia.
| Issuer: | Starpharma Holdings Ltd.
|
| Issue: | Ordinary stock
|
| Amount: | A$4.3 million (minimum), A$4.6 million (maximum)
|
| Warrants: | No
|
| Pricing date: | April 7
|
| Stock symbol: | Australia: SPL
|
| Stock price: | A$0.27 at close April 7
|
|
|
| First tranche
|
| Amount: | A$3.1 million
|
| Shares: | 11.8 million (approximate)
|
| Price: | A$0.26
|
|
|
| Second tranche
|
| Amount: | A$1.2 million (minimum), A$1.5 million (maximum)
|
| Price: | The lesser of A$0.26 and the volume weighted average price over five trading days immediately prior to settlement
|
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