Bio-Gene Technology Limited (ASX:BGT) has announced the launch of a Share Purchase Plan (SPP), following a recent $2.1 million placement to sophisticated and professional investors. The SPP allows eligible shareholders in Australia as of May 2, 2025, to purchase up to $15,000 in fully paid ordinary shares at $0.023 (2.3 cents) per share, the same price offered in the placement. Participants in the SPP will receive one 2028 Option (exercise price of 3.4 cents per option, expiry date of 15 May 2028) and one 2030 Option (exercise price of 4.6 cents per option, expiry date of 15 May 2030) for every two shares issued, at no additional cost.
The SPP opens on May 12, 2025, and closes on May 28, 2025. Key dates include an expected allotment and issue of SPP Shares around June 3, 2025, and an Extraordinary General Meeting (EGM) on or before July 14, 2025, to approve the grant of SPP Options. Proceeds from the placement and SPP will fund Flavocide® regulatory studies, Qcide® scale-up, product development, commercial partnering, strategic projects, and general working capital.
Bio-Gene’s Managing Director, Tim Grogan, expressed satisfaction with the placement response and noted the SPP enables shareholders to participate in the capital raising. This support will enable key studies for Flavocide approval in Australia and continued activities for Qcide scale-up. The company is offering up to 30,000,000 options to certain existing Shareholders.
