Monash IVF (ASX:MVF) will seek to raise $80 million in order to cover its debts and pursue growth opportunities.
The raise was announced along with a package of initiatives designed to address the business impacts of COVID-19 and to enhance Monash IVF’s balance sheet.
The company will raise the funds via a $39.8 million institutional placement and a $40.2 million 1-for-3.05 accelerated pro rate non-renounceable entitlement offer.
The placement will be conducted at an offer price of 52 cents, a 26.8 per cent discount to its Friday close price of 71 cents.
Monash IVF is planning for a gradual return of patients.
Shares in Monash IVF (ASX:MVF) are in a Trading Halt - Last traded at 71 cents.