OncoSil Medical Ltd (ASX: OSL) is seeking to raise approximately $8.7 million (before costs) via a share purchase plan (SPP) and placement, detailed in a newly released prospectus. The SPP aims to raise $2 million, offering eligible shareholders the opportunity to subscribe for new shares at a price of $0.003 per share (pre-consolidation) or a 2.5% discount to the 5-day VWAP at the SPP’s closing date, whichever is lower. Each new share issued under the SPP comes with one new option.
Concurrently, OncoSil is conducting a placement to institutional and sophisticated investors, targeting $6.7 million. The placement involves issuing up to 2,233,333,333 new shares across two tranches, also priced at $0.003 per share (pre-consolidation). Similar to the SPP, each share issued under the placement includes one new option. Both the SPP and the second tranche of the placement are subject to shareholder approval, to be sought at an Extraordinary General Meeting (EGM) scheduled for July 8, 2025.
Funds raised will be primarily directed towards expanding OncoSil’s Macquarie Park manufacturing facility ($3.4 million) and supporting ongoing clinical trials ($2.2 million), with the remaining funds allocated to working capital and offer costs ($3.1 million). The offers are not underwritten. Bell Potter Securities Limited is acting as Lead Manager to the Placement and SPP Offer. To mitigate undersubscription risk, OncoSil has secured binding commitments from two institutional funds for up to $2 million.
Existing shareholders as of May 23, 2025, with addresses in Australia or New Zealand are eligible for the SPP. The company also intends to consolidate its share capital on a 400 to 1 basis, pending shareholder approval.
