Phosphagenics secures $1.37 million through placement

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Australian drug delivery company, Phosphagenics (ASX:POH), has announced it has successfully completed a placement of 91,445,867 ordinary shares to sophisticated investors for an aggregate amount of approximately $1.37 million through utilising the shortfall of the 1 for 4 prorata non-renounceable entitlement offer which raised approximately over $3.4 million in October last year.

The placement was conducted at the same issue price as the Entitlement Offer.

According to the company, on closing of the entitlement offer period on 20 October 2017, a shortfall of approximately 91 million shares remained unallocated.

"In accordance with the ASX listing rules and the terms set out in the Entitlement Offer Information Booklet, the Company is entitled to place the Shortfall Shares to either existing shareholders or new investors within three months after the closing date at a price not less than the Entitlement Offer issue price and without utilising the Company’s 15% placement capacity under the ASX Listing Rule 7.1," it said.