By Sheri Kasprzak
New York, Aug. 15 - Colltech Biomaterials Innovations Ltd. settled a private placement for A$1.8 million.
The company issued 18 million shares in the offering to professional and institutional investors. The price per share is a 12.8% discount to the five-day volume weighted average price of Colltech's stock ending Aug. 11.
BBY Ltd. was the placement agent.
The company also instituted a share purchase plan in which qualified shareholders may buy up to A$5,000 in stock each at A$0.10 each.
Proceeds will be used for capital expenditures, for research and development, for the advancement of the company's collagen products and for working capital.
Based in West Perth, Western Australia, Colltech develops collagen-based products used in cosmetics.
| Issuer: | Colltech Biomaterials Innovations Ltd.
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| Issue: | Stock
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| Amount: | A$1.8 million
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| Shares: | 18 million
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| Price: | A$0.10
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| Warrants: | No
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| Placement agent: | BBY Ltd.
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| Settlement date: | Aug. 15
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| Stock symbol: | Australia: CAU
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| Stock price: | A$0.11 at close Aug. 15
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