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- Living Cell Technologies (LCT) receives valid applications for new shares and new options under its rights issue which closed on December 21 seeing big shortfall
- The company initially announced on November 15 it was aiming to raise up to $3.8 million however the total gross amount raised from the rights issue totalled just $361,264
- LCT has issued around 45.2 million shares and 15.1 million options which are exercisable at 1.5 cents and expire on April 19, 2024
- The company says its directors have reserved the right to place the shortfall securities within three months after the close of the offer at a price of not less than the price under the offer
- Shares in Living Cell Technologies are down 16.7 per cent to 0.5 cents each as of 1:41 pm AEDT
Living Cell Technologies (LCT) has received applications for new shares and new options under its rights issue which opened November 15 and closed December 21.
The biotechnology company initially announced on November 15 it was aiming to raise up to $3.8 million, however the total amount raised came to just $361,264.
Living Cell has issued around 45.2 million shares and around 15.1 million options exercisable at 1.5 cents and expire on April 19, 2024.
The company says its directors have reserved the right to place the shortfall securities within three months after the close of the offer at a price not less than the price under the offer. The company also says 180 Markets has agreed to place the shortfall securities on a best endeavours basis. There is no guarantee that all or any of the shortfall securities will be placed.
Shares in Living Cell Technologies are down 16.7 per cent to 0.5 cents each as of 1:41 pm AEDT.
