By Laura Lutz
Des Moines, May 16 - Ventracor Ltd. arranged an oversubscribed private placement of shares for about A$21.5 million.
The company agreed to sell about 26.9 million shares at A$0.80 each, a 12.3% discount to the volume weighted average share price of the company's shares in the 14 days before the trading halt associated with the placement.
ABN Amro Morgans is the lead manager.
Settlement is expected on May 23.
Proceeds will be used to pursue U.S. regulatory approval of the company's VentrAssist product and to continue development of its product pipeline.
Ventracor is a medical technology company based in Chatswood, Australia.
| Issuer: | Ventracor Ltd.
|
| Issue: | Shares
|
| Amount: | A$21.5 million (approximate)
|
| Shares: | 26.9 million (approximate)
|
| Price: | A$0.80
|
| Warrants: | No
|
| Agent: | ABN Amro Morgans (lead)
|
| Announcement date: | May 16
|
| Settlement date: | May 23
|
| Stock symbol: | Australia: VCR
|
| Stock price: | A$0.835 at close May 16
|
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