Chimeric Therapeutics Ltd (ASX:CHM) has completed a successful Institutional Entitlement Offer, raising approximately $7.37 million.
The equity raising was undertaken by CHM by way of an accelerated 1 for 3.15 non-renounceable entitlement offer including an institutional component and a retail component.
Together, the institutional and retail components are expected to raise approximately $18.1 million before costs.
Approximately 43,339,291 fully paid ordinary shares at $0.17 per share together with 43,339,291 attaching options exercisable at $0.255 and expiring March 31, 2024, will be issued to successful applicants.
In a show of confidence, executive chairman Paul Hopper took up $500,000 of his entitlement under the institutional offer.
New shares are expected to be issued on March 1, 2022.
Retail component
The Retail Entitlement Offer is expected to raise approximately $10.75 million and will open on February 28 and close at 5pm on March 11.
New options issued under the institutional offer will be issued together with new shares and options under the retail offer on March 18, 2022, subject to institutional shareholders holding at least the number of new shares they subscribed for under the institutional offer.
Under the retail offer, eligible retail shareholders will be able to subscribe for one new share for every 3.15 existing Chimeric shares held as at 7:00pm (Sydney time) on February 23, 2022, at the offer price.
Eligible retail shareholders who take up their full entitlement may also participate in a top-up facility by applying for additional Chimeric shares in excess of their entitlement at the offer price.
Interested investors will receive a prospectus.