Radiopharm Theranostics (ASX: RAD) announces entitlement offer to raise ~AU$10M for clinical trials

October 31, 2023 12:56 PM AEDT | By Sonal Goyal

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Radiopharm Theranostics (ASX: RAD) announces entitlement offer to raise ~AU$10M for clinical trials — Image source: Company website

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Highlights

RAD has announced an entitlement offer to raise up to AU$10 million.

The offer price is AU$0.07 apiece, indicating a 30% discount on the last traded price of AU$0.10 apiece.

The proceeds will be used to advance four clinical trials.

Radiopharm Theranostics Limited (ASX: RAD) has announced a capital raise of ~AU$10 million through a 1 for 2.35 entitlement offer. Under the offer, eligible shareholders can take up one new share for every 2.35 shares held, as of 3 November 2023.

The funds raised will be employed to advance the company’s four clinical trials towards the achievement of several inflection points.

Image source: Company PPT

Bell Potter Securities Limited is acting as the lead manager to the offer.

About the entitlement offer

All eligible directors intend to participate in the offer.

The price under the entitlement offer is AU$0.07 per share, representing a discount of 23.1% to the theoretical ex-rights price of AU$0.091, 30% to the last traded price of AU$0.10 apiece as of 30 October 2023 and 46.2% to the 15-day VWAP of AU$0.13 apiece.

Under the entitlement offer, up to 144.4 million shares will be issued. It will open for shareholders in New Zealand and Australia on 8 November 2023 and close on 24 November 2023.

Furthermore, the offer is non-renounceable, not underwritten and includes a top-up facility.

RAD shares traded at AU$0.084 on 31 October 2023.

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