Volpara Health Technologies Limited
Volpara Health Technologies Limited (ASX: VHT
) is engaged in the sale of VolparaEnterprise™ software, a comprehensive cloud-based breast imaging analytics platform that delivers quality assurance and performance monitoring. Volpara recently announced that it has successfully concluded institutional component of its entitlement offer and the institutional placement.
Details of the Placement
- As per the Placement, VHT will issue a total of 30,000,000 new shares. Of which, 17,980,015 new shares will be issued under VHT’s placement capacity as per the regulation. New shares issuance will result in the following dilution to existing Volpara shareholders:
Placement and Institutional Entitlement Offer
- The funds raised from the Placement will be deployed to fund the purchase price under a merger agreement for the acquisition of MRS Systems, Inc. (a US-based company) and to fund further organic growth. The company is also undertaking an Entitlement Offer for existing Volpara shareholders.
- The Placement is fully underwritten by Bell Potter Securities Limited who will receive fees comprised of a management and advisory fee and an underwriting and selling fee, equivalent to 4.75% of the dollar amount raised by the issue of the New Shares under the Placement.
- Additionally, the fees payable to the underwriter is expected to incur costs and expenses of ~$120,000 with regards to the Placement.
The institutional placement (Placement) and the institutional component of the 1 for 27 pro rata accelerated non-renounceable entitlement offer (Entitlement Offer) were conducted on 3th and 4th June 2019. The institutional component of the Entitlement Offer raised the maximum amount of ~$5 million and the oversubscribed Placement raised $45 million. Settlement of the Placement and the institutional component is likely to take place on 12th June 2019. Allotment of the new shares is expected to be done on 13th June 2019. The new shares issued under the Placement and the institutional component of the Entitlement Offer (New Shares) will rank equally with the existing Volpara ordinary shares on issue.
Retail Entitlement Offer
The Retail Entitlement Offer is likely to raise a further ~$5 million, which will be made to eligible retail shareholders who are registered as holding existing Volpara shares as on the record date (5 June 2019) at the same offer price as the Placement ($1.50 per new share). The retail offer booklet released on 05th June 2019, contains information for eligible retail shareholders and will be despatched to eligible shareholders on 11th June 2019.
The company lately published a paper “A case-control study to add volumetric or clinical mammographic
density into the Tyrer-Cuzick breast cancer risk model”.
In today’s trading session, the stock made a low of $1.620 and managed to close at $1.680, down 9.189% (as on 05th June 2019). The stock delivered 125% returns in the past one year.
Elixinol Global Limited
Elixinol Global Limited (ASX: EXL
) operates as a holding company for each of Elixinol LLC (‘Elixinol’), Hemp Foods Australia Pty Ltd (‘Hemp Foods Australia’) and Nunyara Pharma Pty Ltd (formerly known as Elixinol Pty Ltd) (‘Nunyara’).
EXL Raised $50 Mn to Accelerate US Expansion
The company today, on 05th June 2019, updated about the successful completion
of an institutional placement (Placement) to fund its ongoing expansion activities, with a focus on growing its USA CBD business. The company will issue ~12.8 million shares at $3.90 per share, indicating an 8.7% discount to the last closing price as at 3rd June 2019. The Placement represents 10.3% of the EXL’s shares on issue prior to the Placement.
Purpose for the Placement
The proceed will be deployed to:
- Continue global expansion plans, with a focus on the USA CBD market;
- Provide working capital as part of continued expansion;
- Expand the Elixinol’s production facilities in Colorado, USA by an additional ~23,000 square feet to more than double the company’s current production capacity; and
- Undertake the strategic acquisitions, if any, and enter JV in the selected markets.
Bell Potter Securities Limited acted as a Lead Manager to the Placement. The Placement shares were issued under the company’s placement capacity as per the regulation. The Placement will settle on 11th June 2019, with allotment and trading to take place on 12th June 2019. The new shares issued under the Placement will rank pari passu with existing fully paid ordinary shares.
The company recently released a letter addressed by Chairman in the AGM held on 23rd May 2019
. In the AGM, the Chairman looked back on 2018 business performance and talked about the future growth of the business.
In today’s trading session, the stock made a low of $3.800 and managed to close at $3.950, down 7.494% (as on 05th June 2019). The stock has appreciated significantly with a gain of 154.17% in the last one year. From a short-term perspective, the stock has risen ~21% in the last three months.
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