Heres the 2nd page. Issue of New Ordinary Shares and Options under the Renounceable Rights Issue On behalf of the Company I would like to thank you for your participation in the Sun Biomedical Limited renounceable Rights Issue. The Rights Issue successfully raised in excess of the $2 million Minimum Subscription, and the Company is currently in the process of raising additional funds in accordance with the Shortfall under the Rights Issue up to the Maximum Subscription of $3.2 million. The funds raised under the Rights Issue will enable the Company to pursue its objectives as set out in the Prospectus. In particular, the Company proposes to apply the significant cash injection as follows: (a) the payment of amounts owing in relation to the Company’s acquisition of Sun Biomedical Laboratories, Inc (SBL); (b) the commercialisation of the Chinese joint venture with SiYi, including the capital expenditure required to increase the production capacity at the existing plant to accommodate a higher volume of sales; (c) the development of the BioScreens Cup and the cost of attaining FDA 510(k) Clearance for point-of-care sale of the VisuaLine product; (d) the development and marketing of OraLine VIII; (e) developing SBL’s compliance with Good Manufacturing Practices; and (f) working capital to support the ongoing business activities of the Company. Please find enclosed your transaction confirmation statement following your participation in the Rights Issue
SBN Price at posting:
0.0¢ Sentiment: ST Buy Disclosure: Held
