Melbourne, Australia, 23 May 2018
Powerhouse wishes to announce to the ASX a potentially material matter, following receipt of correspondence from Tiro Medical Limited (Tiro).
Tiro has advised Powerhouse that it is entering a new development phase and is seeking funding from a Series A equity offering. The Tiro Board is looking to raise up to $5 million and has independently set its pre-money valuation at $13.5 million. Tiro expects to raise most of this funding offshore.
Tiro has asked Powerhouse to approve of various changes to the existing Shareholders Agreement and capital structure of the Company. Such requests are usual for a Company of this age and stage and will be formally approved by Powerhouse.
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