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Uscom raises A$3M through placement of new shares

Australia-based Uscom Ltd. said it secured A$3 million in a placement of new shares.

The placement includes a previously announced $1.8 million investment by private investor Steven Meng.

Under the placement, the medical device maker will issue 22,222,221 new shares at 13.5 Australian cents per share.

Uscom will use the funds to manufacture devices to fill outstanding orders and to build stock of its new blood pressure monitor, complete global regulatory for all devices and add clinical support and sales staff.

After the completion of the placement, Meng will own about 10% of Uscom.