Nutritional Growth Solutions Limited (ASX: NGS), a U.S.-based health, nutrition, and wellness company, has announced the completion of a share placement, raising $760,000 AUD. The placement involved issuing 38,000,000 fully paid ordinary shares at $0.02 AUD per share to sophisticated and professional investors. This move was executed within the company’s capacity under ASX Listing Rules 7.1 and 7.1A.
The issue price of $0.02 AUD per share represents a 4.5% discount compared to the last traded price of $0.021. No related parties participated in this placement. Nutritional Growth Solutions develops, produces, and sells clinically tested nutritional formulas for children, leveraging two decades of medical research in pediatric nutrition.
The funds raised from the share placement are earmarked for several key areas. A significant portion will be directed towards the purchase of inventory to support retail expansion initiatives. Additionally, the proceeds will bolster working capital and facilitate the settlement of outstanding creditor obligations. Transaction costs associated with the placement will also be covered.
Taurus Capital Group Pty Ltd acted as the lead manager for the placement and will receive a 6% placement fee in cash. This announcement was authorised for release by the Board of Nutritional Growth Solutions.
