CardieX Ltd (ASX:CDX) has secured strong commitments from domestic institutions, family offices, and sophisticated investors to raise $4.33 million at $0.30 per share in a share placement offer, with a cornerstone director contribution of $1 million.
Participants in the placement will also receive 1 free-attaching unlisted option for every 3 shares received under the placement, exercisable at $0.45 and valid for one year from the date of issue.
Following on from the placement, CardieX will also launch a share purchase plan (SPP) to allow existing eligible shareholders to participate in the same share price as the placement – although no free-attaching shares will be offered in the SPP.
Funding will generate momentum
"In these tough economic times, I would like to thank all new and existing shareholders who have joined us in this funding round,” CardieX Group CEO Craig Cooper said.
“As we move towards our new product launches, FDA clearance on the Pulse, the lodgement of our FDA submission on our arterial health wearable, and other corporate activities, it's important to have momentum with our go-to-market strategy and operational requirements that will ensure our success.
“We have also opened up this round to all shareholders with the SPP ensuring that all those who have supported us in the past have the opportunity to participate in the value that we will be delivering for all shareholders going forward.”
The company intends to use the funds raised in the placement and SPP to support new product initiatives and provide additional working capital for existing operations, corporate activities, and regulatory requirements associated with new product launches.