Chimeric (ASX:CHM) boosts financial footing, enters $30M placement agreement with L1

2 min read | June 09, 2022 08:40 PM EDT | By Aditi Sarkar

Chimeric (ASX:CHM) boosts financial footing, enters $30M placement agreement with L1 — Image source: © Natee127 | Megapixl.com

Overview of $30M Equity Placement Agreement

L1 Capital is an Australia-based, leading global investor with over AU$5 billion in funds under management.

The agreement follows the successful completion of CHM’s entitlement offer in February 2022, which raised AU$14.4 million. The development boosted the Company’s current cash position to approximately AU$23.7 million.

The placement agreement will entail an initial placement of AU$500,000 in ordinary shares at AU$0.10 per share with 15 million unlisted options to be issued within seven days. Moreover, the agreement will include an equity placement facility of up to AU$30 million over 24 months ending 9 June 2024, by way of separate placements. The size of these placements is subject to certain limits.

The options, expiring 31 March 2024, are exercisable at AU$0.255 each.

Flexibility - The placement agreement has flexible terms, allowing CHM to conduct capital raisings external to the arrangement. The Company is under no obligation to use the facility, and the agreement doesn’t restrict Chimeric from entering into strategic partnerships or licensing agreements.

The flexible agreement will accelerate the rapid development of the company’s three CAR T & NK cell platform technologies.

Shares of Chimeric traded at AU$0.105 on 9 June 2022.

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