By Devika Patel
Knoxville, Tenn., Oct. 30 - Living Cell Technologies Ltd. said it has received commitments for a A$6.4 million private placement of shares. This financing is in addition to the deal with NaviGroup Management Ltd., announced on Oct. 4. Together, the two placements could raise up to A$15 million for the company.
In this deal, the company will sell up to 17.7 million ordinary shares at A$0.36 each.
As previously reported, in the Oct. 4 deal, the company will sell 22.4 million ordinary shares at A$0.11 each to NaviGroup in the first tranche. Subsequent tranches may offer the shares at a different price, at the lower of A$0.20 and 80% of the 30-day average closing price of Living Cell's ordinary shares on the Australia Stock Exchange.
Proceeds from both deals 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: | Ordinary shares
|
| Amount: | A$6.4 million
|
| Shares: | 17.7 million
|
| Price: | A$0.36
|
| Warrants: | No
|
| Announcement date: | Oct. 30
|
| Stock symbol: | Australia: LCT
|
| Stock price: | A$0.415 at close Oct. 30
|
|
|
| Oct. 4 deal
|
| Issuer: | Living Cell Technologies Ltd.
|
| Issue: | Ordinary shares
|
| Amount: | A$9.8 million
|
| Warrants: | No
|
| Investor: | NaviGroup Management Ltd.
|
| Announcement date: | Oct. 4
|
| Stock symbol: | Australia: LCT
|
| Stock price: | A$0.15 at close Oct. 4
|
|
|
| First tranche
|
| Amount: | A$2.464 million
|
| Shares: | 22.4 million
|
| Price: | A$0.11
|
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