SomnoMed announces successful entitlement offer

19/03/2018 11:50:00

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Dental sleep product company, SomnoMed (ASX:SOM) has announced the successful completion of its retail entitlement offer.

The offer allowed eligible shareholders in SomnoMed to acquire one new share for every 17 existing shares at a price of $3.00 per new share. Around 1.49 million shares will be issued under the offer raising $4.5 million dollars.

The issue of new shares under the offer is scheduled for the 22nd of March 2018 and shares should commence trading on the ASX the following day.

Following the offer the company will have raised a total of $10.4 million from institutional and retail offers.

The company says the funds raised will enable SomnoMed to roll out its sleep apnea centres across North America.

Shares in SomnoMed (ASX:SOM) are trading flat at $3.15