Zoono Group Limited (ASX: ZNO), a global biotech company that develops, manufactures, and distributes antimicrobial solutions, has announced the closure of its non-renounceable rights issue. The offer, made on the basis of one new share for every seven existing shares at $0.035 per share, successfully raised $785,005.55 (NZ$859,432) before costs. The company’s mission is to improve health and well-being through innovative, safe, non-toxic and durable germ protection.
The rights issue offered a total of 50,777,949 shares, with applications received for 22,428,730 shares. The remaining 28,349,219 shares form a shortfall offer, which will remain open for up to three months following the closing date, at the same issue price of $0.035 per share. All directors took up their full entitlements under the offer, with Managing Director and largest shareholder, Paul Hyslop, subscribing for 14,921,072 new shares. Hyslop has also offered further financial support to the Company in the form of a loan if required.
Zoono intends to allocate the funds raised from the rights issue towards several key initiatives, including a supermarket shelf-life extension project, expansion into China and India, repayment of related party debt, patents and IP protection, working capital, and expenses associated with the offer. The company confirmed that it will issue and allot a total of 22,428,730 new shares today, pursuant to the offer.
The announcement was authorised for release by the Board of Zoono Group Limited. Further details can be obtained from Group MD Paul Hyslop and Group CFO Paul Ravlich.
