Tearaway AnteoTech taps PAC Partners for placementBy Sarah...

Tearaway AnteoTech taps PAC Partners for placement

By Sarah Thompson, Anthony Macdonald and Tim Boyd

April 26 (Financial Review) -- AnteoTech Limited is making the most of its 250 per cent share price boom in the past six months.

The company was out looking for $8 million in fresh capital on Monday morning via a placement of new shares.

The offer - which was being handled by PAC Partners - was priced at 26¢ a share, which represented a 37.3 per cent discount to AnetoTech's last close, and a 9.9 per cent discount to the 30-day VWAP, according to terms sent to funds.

Money raised would be used to help roll out the company's COVID-19 rapid testing kits, potential investors were told.

AnteoTech is a research and development company primarily focused on the life sciences and energy sectors. Its COVID-19 testing kits were given European CE Mark approval earlier this month.

The company's shares have been on a tear over the past year, trading up almost 2000 per cent to close at 42¢ on Friday, which implied a market capitalisation close to $800 million.

Bids into the deal were due by 9am on Tuesday.