By Sheri Kasprzak
New York, July 7 - Epitan Ltd. said it has completed a private placement for A$3.5 million.
The company sold 11,666,668 shares at A$0.30 each to Absolute Octane Fund Ltd., Ausbil Dexia, Cadence Management, the Myer Family and Wilson Asset Management.
Mariner Corporate Finance was the placement agent and was granted 1 million unlisted options, exercisable at A$0.30 each for two years.
The proceeds from the deal will be used for the company's drug development plan.
Based in Melbourne, Australia, Epitan is a pharmaceutical company focused on prescription dermatology products.
| Issuer: | Epitan Ltd.
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| Issue: | Stock
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| Amount: | A$3.5 million
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| Stock: | 11,666,668
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| Price: | A$0.30
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| Warrants: | No
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| Placement agent: | Mariner Corporate Finance
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| Investors: | Absolute Octane Fund Ltd., Ausbil Dexia, Cadence Management, the Myer Family and Wilson Asset Management
|
| Settlement date: | July 7
|
| Stock price: | A$0.405 at close July 7
|
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