SomnoMed is today pleased to announce the successful completion of the Institutional Entitlement Offer, which was oversubscribed. Under the Institutional Entitlement Offer 1,613,983 New Shares will be issued to successful applicants at an issue price of $2.50 per New Share (Offer Price), raising approximately $4.027 million. This represents a total of 38.42% of the total shares available under the Entitlement Offer.
The Institutional Entitlement Offer shortfall, comprised of the entitlements not taken up by eligible institutional shareholders along with the entitlements of ineligible institutional shareholders was placed at the Board’s discretion at the Offer Price to existing institutional shareholders.
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