Novogen Limited Announces Closing of Rights Issue … replied by Helen.zhang @ Wed, 03 Jun 2015 16:04:24 +0800
Novogen Limited Announces Closing of Rights Issue Entitlement Offer and Notice of Shortfall
SYDNEY /PRNewswire/ — US-Australian drug discovery and development company, Novogen Limited (ASX:NRT; NASDAQ:NVGN), announced today the non-renounceable pro-rata rights issue entitlement announced on 21 April 2015 (Rights Issue) was completed successfully.
The Rights Issue offered up to 58,971,207 new shares at an issue price of $0.30 per share and a set of short-term and long-term new options. Fully subscribed, the offering was designed to raise a maximum of $17,691,362.
In accordance with Appendix 7A of the ASX Listing Rules, the Company advises the following:
The Company received acceptances for a total of 56,742,571 new shares, raising $17,022,771.
The shortfall under the Rights Issue therefore was 2,228,636 new shares (Shortfall Shares).
The Shortfall Shares have been placed with Australian institutional investors on 2 June 2015, raising an aggregate of $668,591. Lodge Partners acted as lead agent to place the Shortfall Shares.
The allotment of the new shares under the entitlement offer is scheduled to take place on 4 June 2015 and ASX trading of the new shares is expected to commence on 5 June 2015. The new options will be issued on the same date.
Chairman and Chief Executive Officer, Graham Kelly, said, “This is a great result for the Company. It demonstrates the high level of support that we have in our shareholder base. This outcome, combined with the recent placement of approximately $15.5M to a number of US institutions, brings the Company’s cash position toapproximately $45M. This has delivered the security the Board has sought for the Company by quarantining in it from the uncertainties of the market over the next few years. We now have the security of being able to proceed with our R&D programs and our plans to turn Novogen into a global biotech company.”
About Novogen
Novogen is a public, Australian-US drug development company whose shares trade on both The Australian Securities Exchange (NRT) and NASDAQ (NVGN). The Novogen group includes US-based, CanTx Inc, a joint venture company with Yale University. Novogen has two drug technology platforms yielding drug candidates that are first-in-class with potential application across a broad range of degenerative diseases. In the oncology field, the ultimate objective is to see both drug technologies used in combination as first-line therapy across most forms of cancer, with the objective of preventing tumor recurrence. This objective is based on a strategy of achieving comprehensive destruction of the full hierarchy of cells within a tumor with the super-benzopyran technology platform killing the tumor-initiating cells and the anti-tropomyosin technology combining with vinca alkaloids to deliver a potent chemical debulking effect on their daughter cells.
For more information, please visit www.novogen.com
Corporate Contact
Dr. Graham Kelly
Executive Chairman & CEO
Novogen Group
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