AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Highlights
- Lantheus Holdings, Inc will make an initial strategic investment of AU$7.5 million in RAD at AU$0.05 apiece.
- A two-tranche placement will further raise AU$62.5 million, bringing the total placement to AU$70 million.
- The funds raised are expected to fully fund existing clinical trials until the end of 2026.
- Subject to shareholder’ approval, Executive Chair Paul Hopper will participate in the capital raise with an investment of AU$3 million.
Radiopharm Theranostics Limited (ASX: RAD) has secured firm commitments to raise ~AU$70 million through a placement of nearly 1.7 billion new shares. The funding comes from international and Australian institutional and industry investors, including specialist US healthcare investors and Lantheus Holdings.
As part of the placement, subject to shareholder approval, Lantheus has subscribed for AU$7.5 million at an offer price of AU$0.05 per share and one option for every four shares subscribed along with the option to invest additional AU$7.5 million within six months after the subscription shares are issued.
The capital raised from the placement is expected to fully fund the ongoing clinical programs until 2026 end.
Details of the placement
The company has received firm commitments for the placement of approximately 1,563 million shares at AU$0.04 each, aiming to raise AU$62.5 million. The issue price represents a premium of 17.6% to the last closing price (19 June 2024) of AU$0.034 and a premium of 25.7% to the 5-day VWAP on 19 June 2024.
In the first tranche of the placement, AU$23.9 million worth of shares will be issued. The remaining AU$38.6 million worth of shares, part of the second tranche, will be subject to shareholder approval at the upcoming EGM.
Participants of the placement will also receive one attaching option for every two shares held, subject to shareholder approval. The exercise price of the option will be 6 cents with an expiry date of two years from the tranche 2 placement.
Subject to shareholders approval, Paul Hopper, Executive Chairman of RAD, has committed to participate in the tranche 2 of the placement for AU$3 million, with other directors also showing intent to participate in the offer.
RAD shares soar
Triggered by the update, RAD shares jumped 29.4% to trade at AU$0.044 apiece at the time of writing on 25 June 2024.
