Stirling Products Funding of up to $6Million Tue, 14 Dec 2010 11:24:00 +1000 8 hours, 25 minutes ago
IMMEDIATE RELEASE Funding ? up to $6 million ? Appointment of Novus Capital as: o Lead Manager; o Sponsoring Broker; and o Financial Adviser ? Placement ? Rights Issue to Shareholders 14 December 2010 Healthcare group, Stirling Products Limited (ASX:STI) advises that the Company is in process of securing a total funding of up to $6 million. The funding is through a combination of: ? A Placement to Sophisticated (Wholesale) Investors; and ? Through a Rights Issue to Shareholders (offered on the same terms as the Placement). This is to ensure that the Company?s current Shareholders have the opportunity of participation on the same terms as the Sophisticated Investors.
Stirling Products Limited Company Update Following the successful inspection by Health Canada of the Company?s hightech pharmaceutical plant at Cape Breton, Nova Scotia, formal licensing for the manufacture of cGMP pharmaceutical and neutraceutical products is expected to be in place later this month. As well as being in the final phase of securing a number of toll manufacturing agreements, Stirling Products will then be positioned as a fully integrated endto-end manufacturing and sales group with its own ?Stirling Health? brand products being manufactured in Canada for sale and distribution throughout Australian pharmacies. This distribution will be through the Company?s Stirling Health distribution team who are well known throughout the industry and cover all Australian pharmacies.
The Company has established full national pharmacy service logistics, including product warehousing, distribution and account services that support the Sales and Marketing team nationally. The funding now in process is required to predominantly fund the Company?s continued commitment to its establishment as a cash flow driven Company and to provide for the manufacture of finished goods, inventory and receivables. Details of the Information Memorandum and Rights Issue will be advised to the Market and the Company?s Shareholders in due course.
For all inquiries with regard to the Placement and Rights Issue please contact: Nick Kapes Senior Corporate Adviser Novus Capital T: (+61) 3 8602 1714 M: (+61) 438 354 443 E: [email protected] Ben Yeo Corporate Adviser Novus Capital T: (+61) 3 8602 1713 M: (+61) 403 351 836 E: [email protected] For further information see www.stirlingproducts.net or contact: Peter Boonen Managing Director Stirling Products Limited Ph: +61 2 9299 9270 E: [email protected] Alan Beasley Stirling Products Limited T: (+61) 2 9299 9270 M: (+61) 419 996 365 E: [email protected].
STI Price at posting:
0.7¢ Sentiment: None Disclosure: Held
