Recce Pharmaceuticals Ltd (ASX:RCE, OTC:RECEF) has extended the closing date of its share purchase plan (SPP) to 5:00pm AEST on Friday, July 24, giving eligible shareholders additional time to participate.
The SPP allows eligible investors to acquire up to A$30,000 worth of new fully paid ordinary shares at A$0.40 per share, without brokerage or transaction costs.
Investors applying under the SPP will also be invited to apply for one free unlisted attaching option for every two shares subscribed.
The attaching options will have an exercise price of A$0.60 and expire on June 30, 2027. Each exercised option will provide one Recce share and two additional unlisted “piggyback” options, exercisable at A$1.00 and expiring on June 30, 2028.
The issue of both option classes remains subject to shareholder approval at a general meeting expected around August 31. Recce plans to lodge a separate options prospectus with ASIC and the ASX on or around September 2.
The extension comes after Recce secured A$4 million through a placement to advance commercial licensing initiatives, clinical trials and regulatory-enabling activities across its synthetic anti-infective pipeline.
Priced at A$0.40 per share, the placement will result in the issue of 10 million new fully paid ordinary shares and attracted support from new and existing institutional, sophisticated and professional investors.
Revised timetable
Recce expects to announce the SPP results and issue the new shares on July 31, with trading scheduled to begin on August 3.
The company retains discretion to amend the timetable, close the SPP early, accept late applications or place any shortfall with institutional or sophisticated investors.
IP strengthens in Asia
Recce recently strengthened its intellectual property position in Southeast Asia earlier after securing a Vietnamese patent covering the manufacture and use of its RECCE® 327 and RECCE® 529 synthetic anti-infective candidates.
Granted by the Intellectual Property Office of Vietnam, the Family 4 patent provides protection through to 2041 and marks the eighth patent secured by Recce within the patent family.
Chief executive officer James Graham said the patent significantly extended the company’s potential market exclusivity in Vietnam. Its claims cover the preparation and manufacture of R327 and R529, as well as their use in treating bacterial, viral and other infectious diseases.
