Rhinomed (ASX:RNO) has successfully completed the institutional component of the partially underwritten accelerated non-renounceable entitlement offer and raised approximately $3.37 million.
The company said the retail component of the entitlement offer will open on 13 April.
"A maximum of approximately $1.63 million may be raised under the Retail Entitlement Offer. Any amount to be raised under the Retail Entitlement Offer will be used for ongoing working capital," it said.
Rhinomed said the institutional offer "was strongly supported by existing institutional shareholders."
Shares issued under the Institutional Entitlement Offer will be issued at the same price as the Retail Entitlement Offer ($0.19 per share) and are expected to be allotted on 19 April 2022.