Highlights:
-- Firm commitments received for A$4.1 million Placement to new and existing institutional and sophisticated investors at A$0.045 per share.
-- Share Purchase Plan for existing eligible shareholders, targeted to raise approximately A$1 million at a Placement offer price of A$0.045 per share.
-- The capital raised will be used to fund the development of ALA-101 towards clinical trials and to enhance Arovella’s iNKT cell pipeline.
MELBOURNE, AUSTRALIA 7 June 2023: Arovella Therapeutics Ltd (ASX: ALA) (Arovella or the Company), a biotechnology company focused on developing its invariant Natural Killer T (iNKT) cell therapy platform, is pleased to announce that it has received firm commitments from institutional and sophisticated investors, to raise approximately A$4.1m (before costs) under a placement of 91,111,111 new fully paid ordinary shares in the Company (Shares) at a price of A$0.045 per share (Placement). The pricing of the Placement represents a 10% discount to the last traded market price and a 12.4% discount to the volume weighted average price (VWAP) of Arovella Shares traded on ASX over the five days up to and including 2 June 2023.
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