"Renounceable Rights Issue Further to the Shortfall Notice issued on 11 August 2008, Sun Biomedical Limited (SBN or The Company) is pleased to confirm that the Renounceable Rights Issue has reached the Minimum Subscription Amount of $2.0m. This amount is comprised as follows: $ Amount subscribed under Rights Issue 1,122,122 Underwritten Amount 877,878 Minimum Amount Raised from Investors 2,000,000 SBN in conjunction with Patersons Securities Limited (Patersons), the Lead Manager and Underwriter to the Rights Issue, may place an additional 117,896,310 New Ordinary Shares and 58,948,155 Options. The Company has a period of three months after the close of the Issue in which to place these securities. SBN will advise ASX of the final placement amount once this has been completed. As the Minimum Subscription Amount of $2.0m has been reached, the agreement with Dr Ming and Alice Sun, the founders of Sun Biomedical Laboratories Inc. (SBL), in relation to payment of US$980,000 as final consideration for the acquisition of SBL will take effect. The Suns have agreed to: (a) convert US$490,000 into Shares at $0.01 per Share, the same issue price as under the Rights Issue; (b) be issued with Options on the basis of one Option for every two Shares issued to the Suns under paragraph (a) above, the same ratio as offered under the Rights Issue; and (c) receive a US$490,000 payment following the Rights Issue, as settlement for the payment of US$980,000."
SBN Price at posting:
0.0¢ Sentiment: Hold Disclosure: Held
