I partook in this one year ago
Capital Raise
In response to increasing demand for Rhinomed's technology the company has identified the need to expand
and scale the company’s manufacturing capacity. The company will undertake a pro rata accelerated nonrenounceable entitlement offer (Entitlement Offer) to raise up to approximately AUD $5.0M to fund working
capital required to deliver on strategic objectives.
Under the Entitlement Offer, eligible shareholders are invited to subscribe for one (1) new fully paid ordinary
share in Rhinomed (New Share) for every 9.87 existing Rhinomed shares held as at 7pm (AEST) on Monday, 11
April 2022 (Record Date). Bell Potter is the Lead Manager for the Entitlement Offer and will underwrite
approximately AUD $3.226M of the accelerated institutional component discussed further below.
All New Shares will be issued at a price of AUD $0.19 per New Share, which represents:
● a 7.3% discount to the last closing price of $0.205 on 6 April 2022; and
● a 5.1% discount to the 30 trading day volume weighted average price (VWAP) up to and including 6
April 2022 of AUD $0.205.
Up to 26,323,114 New Shares may be issued under the Entitlement Offer. It is not anticipated that the full
amount of New Shares will be issued as only AUD $3.226M of the institutional component of the Entitlement
Offer is committed and underwritten.
The Directors of Rhinomed have also confirmed that they will each subscribe for their full entitlements under
the Entitlement Offer.
Each New Share issued under the Entitlement Offer will rank equally with each Rhinomed share on issue.
Rhinomed will, upon issue of the New Shares under the Offer, seek quotation of the New Shares on the ASX.
