share placement at 8.5 centsBiosignal raises $400,000 in new...

share placement at 8.5 cents

Biosignal raises $400,000 in new equity
Placement with Indonesian investors
3 June 2008, Sydney: Biosignal Limited (ASX: BOS) has raised $400,000 via a placement to sophisticated and institutional investors by arrangement with an Indonesian based investment group. 4,705,883 new shares were issued at 8.5 cents per share.
“This placement accommodates two goals for Biosignal,” CEO Peter Steinberg said. “First, it will enable continuing development work at a consistent pace while we finalise the Paul Hawken licenses to industrial and wound care applications to be established in the US from the middle of the year.
“Second, Indonesia has been targeted by Biosignal as a key territory for early entry to market the oil and gas anti-corrosion product. This placement strengthens our relationship with groups in Indonesia and introduces another institutional investor to the company.
“We believe this small raising, together with the Hawken Industrial and Wound Care deals announced in March will enable us to actively continue our commercial activities through to mid 2009.”