5th Dec 2023 12:28
(Alliance News) - Ondine Biomedical Inc on Tuesday said it raised around GBP2.8 million after successfully completing a placing and subscription of new shares.
The Vancouver-based life sciences company said it raised GBP2.0 million via the placing of 22.6 million new shares at a price of 9 pence each.
Shares in Ondine Biomedical were down 8.0% to 9.66 pence each in London on Tuesday afternoon
It also raised around GBP720,000 via the subscription of 8.0 million new shares at the issue price.
Ondine Biomedical said the 30.6 million new shares represent around 16% of shares.
Directors of the company subscribed to an aggregate of 2.2 million shares at the issue price, worth a total GBP200,000 or 7.2% of shares. This includes Founder & Chief Executive Officer Carolyn Cross, who subscribed for 1.1 million new shares, taking her holding to 135.3 million shares or 60% of shares.
A broker option to raise up to a further USD1.3 million will remain open until 1645 GMT on Friday. Ondine Biomedical said this is in order to satisfy potential further demand from institutional investors.
By Greg Rosenvinge, Alliance News senior reporter
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