Total Brain (ASX:TTB) - Chairman, Dr Evian Gordon
Chairman, Dr Evian Gordon
Source: Total Brain /YouTube
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  • Total Brain (TTB) receives firm commitments to raise roughly $6.5 million via a placement and entitlement offer
  • Of this, $2.5 million will be raised through the placement while $4 million will be raised through the 1 for 7 non-renounceable entitlement offer
  • Participants will also receive one free attaching option for every two new shares issued, exercisable at 36 cents with expiry 12 months from issue
  • TTB will use the money to scale its partnership with IBM, build and launch its business with Hamptons Life, and scale its corporate sales pipeline
  • Total Brain has ended the day 3.45 per cent in the red with shares trading at 28 cents

Total Brain (TTB) has received firm commitments to raise roughly $6.5 million via a placement and entitlement offer.

The healthcare stock entered a trading halt on July 19 but did not disclose how much it intended to raise or what it would use the funds for.

Under the capital raising, $2.5 million will be raised through the placement while the remaining $4 million will be raised through the 1 for 7 non-renounceable entitlement offer.

The placement will be open to eligible institutional, sophisticated and professional investors with shares to be priced at 26 cents.

This price represents a 10.3 per cent discount to Total Brain last close of 29 cents on July 20 and a 15.3 per cent discount to the five-day volume-weighted average price of 30.7 cents.

Participants in both the placement and entitlement offer will receive one free attaching option for every two new shares issued exercisable at 36 cents with expiry 12 months from issue.

Total Brain will use the money to scale its partnership with IBM, build and launch its business with Hamptons Life, and scale its clinical business and corporate sales pipeline.

Managing Director Louis Gagnon states the funds from the capital raising will help grow the business quicker than ever before.

“The global pandemic has highlighted the need for digital solutions to the current mental healthcare crisis underscoring the importance of Total Brain’s value proposition,” Mr Gagnon said.

“Partnerships with IBM and soon-to-be Hamptons Life have validated the commercial potential of the Total Brain platform and will provide exciting opportunities to scale our business more rapidly than ever before.”

Total Brain has ended the day 3.45 per cent in the red with shares trading at 28 cents in a $31.40 million market cap.

TTB by the numbers
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