Highlights:
-- IIQ successfully completed its share purchase plan with applications totalling A$7.293 million, exceeding its initial target of A$2 million.
-- Directors exercised discretion to accept allocations to the maximum of A$2.379 million and scale back thereafter on a pro-rata basis.
-- Total capital raised of A$9.379 million under both the SPP and recent placement (A$7 million) to institutional and sophisticated investors.
-- Both the Placement and SPP provided investors with one free quoted option for every two new Shares issued. The exercise price of each option is set at $1.00 and will expire at 5.00pm (Melbourne time) on 8 July 2026.
-- INOVIQ now has a pro forma cash balance of approximately A$14.489 million.
-- Funds will be used to advance the commercialisation of EXO-NET research tools and SubB2M breast and ovarian cancer monitoring tests, progress development of pipeline diagnostics and expedite research of high-value cancer therapeutics.
INOVIQ Limited (ASX:IIQ) (INOVIQ or the Company) is pleased to announce the successful completion of the share purchase plan (SPP) announced on 12 June 2024, with applications accepted for A$2.379 million. The Company was seeking to raise up to A$2 million through the SPP with the capacity for oversubscriptions of up to A$0.4 million at the discretion of the Company (which represented the Company's maximum placement capacity).
Given the strong support (A$7.293 million in applications received in total) resulting in significant oversubscription for the SPP by eligible shareholders, the Board exercised its discretion to accept oversubscriptions of A$0.379 million. All SPP applicants are being granted a minimum application of $1,000, scaled back on a pro rata basis thereafter based on the applicant’s shareholding at record date.
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