By Laura Lutz
Des Moines, May 30 - NeuroDiscovery Ltd. plans to raise up to A$2.75 million from a private placement of shares.
The company intends to sell ordinary shares at A$0.17 each in two tranches.
In the first tranche, Biotech Capital Ltd. subscribed for about 4.7 million shares, for proceeds of about A$800,000.
The second tranche depends on shareholder approval. If it is approved, Biotech Capital has agreed to subscribe for 4,123,530 additional shares. Sophisticated and professional investors will buy the rest of the shares.
Proceeds will be used for the human clinical trials of the company's leading pain therapies.
NeuroDiscovery is a neurology-focused research and development company with headquarters in Perth, Australia.
| Issuer: | NeuroDiscovery Ltd.
|
| Issue: | Shares
|
| Amount: | A$2.75 million
|
| Price: | A$0.17
|
| Warrants: | No
|
| Investor: | Biotech Capital Ltd. (for about C$1.5 million)
|
| Pricing date: | May 30
|
| Stock symbol: | Australia: NDL
|
| Stock price: | A$0.195 at close May 30
|
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