By Devika Patel
Knoxville, Tenn., Oct. 3 - Living Cell Technologies Ltd. announced it plans a private placement of shares to raise up to A$9.8 million. NaviGroup Management Ltd. will be the investor.
The private placement will consist of an initial A$2.46 million to settle within the next 30 days. One or more tranches might follow the first tranche, equaling up to A$7.4 million, for a total potential closing of A$9.8 million.
In the initial tranche, the company sold 22,400,000 ordinary shares at A$0.11 each.
Future tranches will be priced at the lower of A$0.20 per share or 80% of the 30-day average closing bid price per ordinary share.
Proceeds will be used as working capital.
Based in Victoria, Australia, Living Cell develops live cell therapies used to replace or repair damaged human tissues.
| Issuer: | Living Cell Technologies Ltd.
|
| Issue: | Stock
|
| Amount: | A$9.8 million
|
| Warrants: | No
|
| Investor: | NaviGroup Management Ltd.
|
| Pricing date: | Oct. 3
|
| Stock symbol: | Australia: LCT
|
| Stock price: | A$0.165 at close Oct. 2
|
|
|
| First tranche
|
| Amount: | A$2,464,000
|
| Shares: | 22,400,000
|
| Price: | A$0.11
|
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