Ann: Wellnex Raises $2m Placement and Update on LSE Dual Listing, page-2

$2M raised @ 2.8c

The recent presentation by Wellnex in the UK at the Australian Investment Summit has certainly aroused some interest from investors over there, as those that chipped in for this raise were both UK based brokers + high net worth investors

Post this raise + LSE listing, the company will be:
- Completely debt free
- Continuing its global expansion with the funds from the IPO
- Haleon licensing & supply deal is expanding to UK and UAE in 1H FY25'
- Continuing its international distribution agreement signed with Homart Pharmaceuticals for distribution into Asia
- Continuing to expand outside of Australia as a leading international owner and developer of health brands

The price of the IPO will be set closer to the listing date, which appears from the wording in the announcement to be coming along well

Raising £8.5m @ the current exchange rate is equivalent to roughly $16.5M AUD, with around $11M AUD of that allocated to paying off the outstanding convertible notes + Pain Away deferred payments for the acquisition. Paying these off will save the company $1.4M AUD annually in interest, thus bettering the companies numbers moving forward