Vitrafy Life Sciences to Raise AU$30 Million via Placement; Shares Down 20%
MT Newswires Live
Jun 12
Vitrafy Life Sciences (ASX:VFY) received firm commitments to raise AU$30 million through the issue of about 11.5 million new shares at AU$2.60 apiece, according to a Friday filing with the Australian bourse.
The company will also offer eligible shareholders the opportunity to participate in a non-underwritten shares purchase plan to raise up to a further AU$2 million at the same price as the placement, the filing said.
Proceeds will be used to fund the manufacturing of Guardion devices, with additional funds deployed towards the expansion of US sales and operations, per the filing.
Shares fell nearly 20% in morning trade Friday.
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