you are not wrong ... Biotech Circadian Technologies is seeking...

you are not wrong ...

Biotech Circadian Technologies is seeking to raise $17.4 million in an institutional placement and rights issue through Bell Potter Securities.
Circadian went into a trading halt on Wednesday night as Bell Potter went about raising for the company.
The broker was seeking to place as many as 80 million shares at 17.5¢ each, in an effort to raise $12.5 million to $14 million.
The placement shares were subject to Circadian shareholder approval, which was expected to happen at the company’s annual general meeting in November.
Bell Potter was calling for bids by Thursday afternoon.
The two-for-five rights issue was expected to raise another $3.5 million from existing shareholders.
Funds are expected to be put towards clinical trials and proof of concept.