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- Communications equipment company Beam Communications (BCC) successfully completes its share placement and raises $5 million
- Shares were priced at 44 cents which represented a 15.4 per cent discount to Beam;s closing price of 52 cents on November 18
- Beam will now be undertaking a share purchase plan to rase a further $1 million, with eligible shareholders able to subscribe for up to $30,000 worth of shares
- Beam will use the money to expand the launch of its ZOLEO device into Europe and speed up its plans to launch ZOLEO into additional markets outside of Europe
- Shares in Beam are down 3.85 per cent and are trading at 50 cents
Communications equipment company Beam Communications (BCC) has successfully completed its share placement and raised $5 million.
The company entered a trading halt on November 19 but did not disclose how much it intended to raise or how it would spend the funds.
Shares were priced at 44 cents which represented a 15.4 per cent discount to Beam’s closing price of 52 cents on November 18 and a 19.4 per cent discount to the five-day volume-weighted average price.
Participants will now receive one option for every four new shares subscribed for, exercisable at $1 with an expiry of two years from issue.
The placement was significantly scaled back with lead manager, Peak Asset Management, receiving bids equating to 43 per cent above what was being sought after.
Beam will now be undertaking a share purchase plan (SPP) with aims to raise $1 million.
Eligible shareholders will be able to subscribe for up to $30,000 worth of shares which will be priced the same as the placement of 44 cents.
Beam will use the money from both the placement and SPP to expand the launch of its ZOLEO device into Europe early next year and speed up its plans to launch ZOLEO into additional markets outside of Europe.
Additionally, the money will go towards the research and development of the next-generation ZOLEO devices and boost the company’s working capital.
Shares in Beam were down 3.85 per cent and were trading at 50 cents at 12:27 pm AEDT.
