As expected, mostly to sophisticated investors.As expected, to...

As expected, mostly to sophisticated investors.
As expected, to fund product inventory and new partnerships/distribution deals.
As expected, Dennis Eck and Maria Halasz dropping a bit more cash into their investment.


Extract:

SYDNEY, Monday, 14 October 2019: Cellmid Limited (ASX: CDY) is pleased to advise that it has raised $1.5 million via a share placement to sophisticated and institutional investors (Placement). The Placement will result in the issue of 7.5 million fully paid ordinary shares at 20 cents each. The Company will also provide the opportunity to existing shareholders to participate via a Share Purchase Plan (SPP) targeting an additional $0.5 million on the same terms as the Placement. Further details of the SPP will be provided separately.Of the total shares issued under the Placement, 41% will be issued to Directors Dennis Eck and Maria Halasz, subject to shareholders’ approval at the upcoming AnnualGeneral Meeting of shareholders. Other directors participating in the SPP will not require separate shareholders’ approval.Proceeds from the Placement and SPP will be used to fund the growth of the consumer health business, including inventory and working capital for the newlysigned distribution agreements for the évolis® anti-aging hair care products in Germany and China. Cellmid CEO, Maria Halasz said, “The funding will allow us to fulfil the increasing demand for our products internationally. We remain confident that our consumer health division is on track to achieve operational profitability in FY2020, as we prepare to deliver value from our midkine assets through partnerships.”