Highlights:
-- INOVIQ successfully completed a A$7 million placement to institutional and sophisticated investors1 at A$0.50 per share.
-- INOVIQ Board and Management have participated in the placement.2
-- Funds raised will be used to advance commercialisation of EXO-NET research tools and SubB2M diagnostics, progress development of pipeline diagnostics and expedite research of high-value cancer therapeutics, enabling the Company to progress its pipeline and bring new products to market.
-- Shareholders in Australia and New Zealand will be offered the opportunity to participate in a share purchase plan to raise up to a further A$2 million with the capacity for oversubscriptions of up to A$0.4 million at the Company's discretion (subject to the Company’s placement capacity) on similar terms as the placement.
-- INOVIQ’s expected proforma net cash balance will be approximately $12.7 million post placement and SPP3.
Melbourne, Australia, 12 June 2024: INOVIQ Limited (ASX: IIQ) (INOVIQ or the Company), a company focused on developing next generation cancer diagnostics and therapeutics, has completed a placement to institutional and sophisticated investors4, to raise approximately A$7.0 million (before costs) under a placement of 14 million new fully paid ordinary shares in the Company (Shares) at A$0.50 per Share (Placement), with one free quoted option for every two new Shares issued under the Placement with an option exercise price of A$1.00 and an exercise period of two years. The pricing of the Placement represents an 11.5% discount to the last traded market price.
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