Bio-Gene Technology Limited (ASX: BGT, Bio-Gene or the Company), an agtech development company enabling the next generation of novel insecticides to address insecticide resistance, announced the launch of a placement and SPP on 1 September 2023. On 5 September 2023 Bio-Gene announced that it had received commitments to raise $1.4 million via a share placement to sophisticated and professional investors. Today the Company announces that it has received a further amount of $500,000 as part of the placement.
- Total amount raised under the placement has increased to $1.9 million.
- The Share Purchase Plan forms part of the capital raising initiative announced on 1 September 2023.
- Eligible shareholders are offered shares under the SPP at the same price of $0.084 (8.4 cents) as was offered to sophisticated and professional investors, up to a maximum of $10,000 per eligible shareholder.
- Funds for the production of FLAVOCIDE® active constituent and the conduct of key studies required for regulatory approval application in Australia.
The funds raised under the placement and the SPP will enable the production of FLAVOCIDE® active constituent and the conduct of key toxicology and other studies required for inclusion in the dossier of data to support an application for registration of FLAVOCIDE® active constituent in Australia.
Tim Grogan, Bio-Gene’s Managing Director and Chief Executive Officer, commented:
“The support of Bio-Gene’s shareholders is critically important in enabling the Company to move forward with the development and commercialisation of the FLAVOCIDE® active constituent. We are very pleased with the response to the placement from sophisticated and professional investors, and the SPP enables our Eligible Shareholders to participate in the Company’s current capital raising.”
Share Purchase Plan (SPP)
In order to allow existing Eligible Shareholders (defined below) to participate in the capital raising, the Company is offering to issue fully paid ordinary shares in the Company under a Share Purchase Plan (SPP) without disclosure to investors under Part 6D.2 of the Corporations Act 2001. Under the SPP, Eligible Shareholders will be able to purchase up to $10,000 worth of new fully paid ordinary shares in the Company, irrespective of the number of shares an Eligible Shareholder currently holds.
Eligible Shareholders are those shareholders whose registered address is in Australia as at 7.00 pm (AEST) on 31 August 2023 (Record Date). Shareholders with a registered address outside Australia at the Record Date will not be eligible to participate in the SPP. The closing date for the SPP is 5:00 pm (AEST) on 27 September 2023 (and if this date changes, an announcement will be made to ASX). Further details are included in the SPP Offer Booklet which is being dispatched to Eligible Shareholders and released to ASX.
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This article includes content from Bio-Gene Technology Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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