Patrys Limited (ASX: PAB) has announced a successful placement, raising approximately $358,362 before costs. The funds, sourced from sophisticated and professional investors, will bolster general working capital and finance the placement itself. The placement involves the issue of new shares at $0.001 each, coupled with unlisted options, subject to shareholder approval. RM Corporate Finance Pty Ltd acted as the lead manager for the placement, earning a 6% commission on the Tranche 1 proceeds.
Alongside the funding announcement, Patrys is undergoing a board renewal. Dr. Anton Uvarov and Mr. Peter Christie have been appointed as non-executive director and Chair, respectively, effective June 17, 2025. Dr. Uvarov, with extensive experience in the healthcare and biotech sectors, is also committing $50,000 to subscribe for shares under the same terms as the broader placement, pending shareholder approval. Mr. Christie brings a wealth of experience in public accounting and corporate governance.
In a related management restructuring, the position of Chief Executive Officer will be made redundant, with Dr. James Campbell, the current CEO, accepting redundancy. Dr. Campbell is expected to remain on the Board as a non-executive director. The Board of Directors will assume direct management responsibilities following Dr. Campbell’s departure.
Looking ahead, the new Board is slated to consider a share consolidation (15:1) and a potential entitlement offer to shareholders in Australia and New Zealand to raise additional capital. These actions aim to create a more attractive capital structure and broaden the investor base. The company intends to seek shareholder approval for the share consolidation, the issue of options to the lead manager and Dr. Uvarov, and the conversion of retainer fees into shares. The funds are intended for general working capital and costs associated with the placement.
