By Susanna Moon
Chicago, June 26 - Ellex Medical Lasers Ltd. said it raised A$5.5 million in a placement of stock to sophisticated investors.
The company priced 6.5 million shares at A$0.85 each.
The stock (Australia: ELX) closed at A$0.87 June 21 and had a volume-weighted average price the prior week of $A0.867.
Proceeds will be used to strengthen the balance sheet and to provide flexibility for growth.
Taylor Collison managed the sale.
"During the 2007 financial year, we also started to leverage our strategy through acquisitions. The placement will enable the company to repay the bank debt accumulated through these acquisitions and from the investment in working capital to grow the core business," Peter Falzon, chief executive officer of Ellex, said in a press release.
Ellex is an Adelaide, Australia-based company that designs and manufactures ophthalmic laser and ultrasound systems.
Issuer Ellex Medical Lasers Ltd.
| Issue: | Stock
|
| Amount: | A$5.5 million
|
| Shares: | 6.5 million
|
| Price: | A$0.85
|
| Warrants: | No
|
| Manager: | Taylor Collison
|
| Pricing date: | June 21
|
| Announcement date: | June 26
|
| Stock symbol: | Australia: ELX
|
| Stock price: | A$0.87 at close June 21
|
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