Water and waste-water treatment company De.mem Limited (ASX:DEM) has received firm commitments for a placement to raise A$2.5 million for research and development opportunities.
The company undertook the Placement of 9,433,963 ordinary shares to high net wealth and sophisticated investors to raise $2.0m and accepted oversubscriptions up to $2.5m. The Placement closed oversubscribed.
De.mem CEO, Andreas Kroell, said proceeds of the placement will be used to support and accelerate technology development and growth opportunities both in Australia and international markets.
“We are delighted with the level and quality of interest received in this placement. The placement was oversubscribed which is a testament to the interest in the technology and growth prospects for the Company,” Mr Kroell said.
Alto Capital and Xcel Capital acted as Joint Lead Manager to the Placement.
De.mem Limited (ASX:DEM) is a Singaporean-Australian decentralised water and waste-water treatment business that designs, builds, owns and operates water and waste water treatment systems for its clients.