Nanoveu Ltd (ASX:NVU) has been granted a trading halt by the ASX with a capital raising announcement upcoming.
The halt will remain in place until the beginning of ASX trade on Friday, December 11 or when an announcement is released to the market, whichever occurs earliest.
Exclusive distribution deal
Nanoveu this week entered into a 12-month exclusive agreement with Touch Guard Pty Ltd for the distribution of Nanoveu’s antiviral products, including Nanoshield products, in the Australian and New Zealand markets.
The agreement with Touch Guard, a wholly-owned subsidiary of Melbourne-based private investment company Jaszac Investments, is effective immediately and incentivises sales with a US$1 million purchase order target for the distributor to maintain exclusivity.
Nanoveu executive chairman and chief executive officer Alfred Chong said: “Nanoveu’s antiviral products continue to attract high-quality distribution customers, seeing our capacity to reach new markets further strengthen.
“The agreement with Touch Guard is a significant achievement for the company with our unique antiviral technology being more available in Australia and, for the first time, actively promoted in New Zealand.”