Australian-based bio-separations and reproductive biotechnology company Memphasys Limited (ASX: MEM) is preparing to undertake a capital raising via a placement to sophisticated and professional investors and a pro rata non-renounceable rights issue to raise up to approximately $4.23 million.
Funds raised will be used to pursue commercial opportunities with Felix and continue to drive Product Development activities with RoXsta and AI-Port; as well as settle outstanding debts and creditors and provide working capital.
The company has received firm commitments in respect of a Placement to issue approximately 210 million fully paid ordinary shares (Shares) at 1 cent each to raise $2.1 million, from sophisticated and institutional investors, including conversion of $511,747 of debt to equity.
Canaccord Genuity (Australia) Limited is acting as Lead Manager to the Placement and has fully underwritten the Entitlement Offer is fully underwritten, subject to certain terms and conditions.