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Scidev Limited (ASX:SDV) develops and supplies coagulants and flocculants for water and wastewater treatment. The company has signed $2.5 million capital raising mandate with Taylor Collison Ltd to facilitate growth, comprising placement of $1.25 million and non-renounceable Entitlement Offer.
As per the companyâs announcement, strong synergies between Nuoer transaction and SciDevâs patent-pending OptiFlox® technology will enhance aggressive growth plans to lift SciDevâs revenue profile. The Funding will be used to support the roll-out of the OptiFlox® technology and execute combined Nuoer/SciDev business development pipeline.
Further to the announcement on 11 February 2019, related to the securing of exclusive distribution and marketing rights in Australia and other Oceanic countries for polymer products produced by the China-based Nuoer Group, Scidev has stated the terms of a $2.5 million fundraising initiative to accelerate the business growth of the company.
With regards to its $1.25 million placement, the company has undertaken a $470,000 capital raising share placement in parallel with the Nuoer transaction in a first tranche placement. $300,000 of that capital raising share placement was taken up by the Nuoer Groupsâ Australian executive Dr Zhang (Zhang), who will become an Executive Director of SciDevâs operating subsidiary Science Developments Pty Ltd. The balance was taken up by unrelated investors, and SciDev welcomes these new shareholders to the company and looks forward to working closely with Dr Zhang.
The company will carry out a further $780,000 capital raising share placement at $0.06 per share in a second tranche placement. This will bring the total new working capital raised by way of placement to $1.25 million. An issue of the second tranche placement shares will be conditional on SciDev share-holder approval of the proposed share issues, as they will exceed the companyâs fifteen per cent placement capacity. A SciDev shareholders meeting will be called shortly in order to consider both ratifications of the first tranche placement and approval of the second tranche placement.
In parallel with the capital raising share placement referred above, SciDev will undertake a non-renounceable entitlement offer to raise a further $1.25 million (the Entitlement Offer), bringing the total of new working capital raised to $2.5 million. The Entitlement Offer will be carried out on a 2:7 ratio basis and priced at $0.06 per new share.
On the price-performance front, the stock of Scidev Limited is currently trading at $0.090 with a significant increase of 25.0% approximately during the dayâs trade. The stock has yielded a YTD return of 28.57% and generated returns of 2.86%, and -10.0% over the last six months and three-months period respectively. It has a 52-week high price of $0.110 and a 52-week low price of $0.031, with an average trading volume of 544,396.
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