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Highlights
- The entitlement issue, which has 708 Capital Pty Ltd as the underwriter, for raising AU$932,270 is now closed
- The offer was for one new SKN share for every five shares held, along with one free attaching option for each new share subscribed
- Allotment of the new shares and options will be done before 31 May and trading on ASX would begin soon after
Australian biotechnology healthcare company Skin Elements Limited (ASX: SKN) has informed about the successful completion of its fully underwritten entitlement issue. The issue raising AU$932,270 is now closed, and Skin Elements' Executive Chairman Mr. Peter Malone has released a statement thanking shareholders for their continued support. 708 Capital Pty Ltd is the underwriter of SKN’s entitlement issue.
Allotment of the new ASX-listed SKN shares and options under the issue will be done before 31 May 2023.
More
The fully underwritten entitlement issue of listed biotechnology company Skin Elements is now closed. The offer for one new fully paid SKN share for every five shares held meant to raise AU$932,270. The issue price under SKN’s entitlement issue stood at AU$0.01 per share. There is one free attaching option for each share subscribed.
SKN informed about entitlement acceptances for over 36.2 million new shares and options raising AU$362,602. Alongside, the company also received further Topup acceptances of over 26 million new shares and options raising AU$260,769, for total of AU$623,371. 708 Capital is in the process of placing shortfall shares and options in line with the underwriting agreement.
Source: Company update
The proceeds are planned to be directed towards business development, sales, marketing production and operations, and working capital.
About Skin Elements
The Australian biotechnology healthcare company, which produces natural and organic health care products, is primarily focused on the commercialisation of anti-microbial SE Formula™. Few of Skin Elements' products include the TGA-registered, plant-based disinfectant SuprCuvr and plant bio-stimulant Eco Nurture.