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Nuheara (ASX:NUH) - CEO, Justin Miller
CEO, Justin Miller
Source: Nuheara
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  • Nuheara (NUH) has successfully completed a $4.5 million capital raise to continue its strong sales growth
  • Through the raise, Canaccord Genuity bought $1.5 million worth of shares in the company
  • The funds will be used to build Nuheara’s direct to consumer (DTC) sales in North America, the U.K. and Europe through advertising
  • Funds will also be used to improve the inventory for the newly released IQbuds Max
  • Pleasingly, the company exceeded its original $2.5 million target in the raise
  • Nuheara’s shares closed 9.52 per cent in the red, to trade for 1.9 cents per share

Nuheara (NUH) has successfully completed a $4.5 million capital raise to continue its strong sales growth.

Through a share purchase plan (SPP), shareholders contributed around $3 million of those funds. This has resulted in over 176 million of new shares, which were sold for 1.7 cents each.

Canaccord Genuity (Australia) bought $1.5 million of shares in the company through the SPP, this is equates to around 88.24 million shares.

The funds will be used to build Nuheara’s direct to consumer (DTC) sales in North America, U.K. and Europe through advertising. Funds will also be used to improve the inventory for the newly released IQbuds Max.

The company exceeded the original $2.5 million target in the raise.

“We are delighted by the overwhelming support shown to Nuheara by our existing shareholders in subscribing to more than $3 million in the SPP,” CEO Justin Miller said.

“This is further complemented by Canaccord’s decision to follow through with their $1.5 million SPP underwriting commitment by way of a share placement,” he added.

Nuheara’s shares closed 9.52 per cent in the red, to trade for 1.9 cents per share.

NUH by the numbers
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