Regeneus Ltd (ASX: RGS) is pleased to announce that it has successfully achieved its target of raising A$3m through its Share Purchase Plan (SPP or the Plan) offered to shareholders. This now completes the second part of the company’s A$6m raising announced to the market on 8 August 2014.
The SPP closed oversubscribed by 10% and the Directors have resolved to accept the oversubscriptions in recognition of the strong show of support by shareholders. Regeneus Chairman John Martin, said, “we have been very encouraged by our shareholders response to the SPP. This follows on from the support shown by institutions and sophisticated investors in the recent placement”.
On 15 August 2104, the company announced that it had successfully completed a A$3m private placement with institutional and sophisticated investors.
Under the SPP, shareholders were invited to subscribe for up to $15,000 of new Regeneus ordinary shares at an issue price of $0.26c. The company will allot the new shares on Thursday 11 September 2014 and these shares will commence trading on ASX on Friday 12 September 2014.
The funds raised together with the R&D tax rebate for FY14 of $3.7m and sales revenues means the company has sufficient funds to accelerate the product development initiatives outlined in the announcement of 8 August.