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Cyclopharm to raise A$7M in entitlement offer

Cyclopharm Ltd. is looking to raise A$7 million in an entitlement offer priced at 80 Australian cents per share.

Under the offer, eligible shareholders can subscribe for 1 new share for every 6.8 shares held in the company as of June 8. They may also apply for up to A$15,000 worth of additional new shares sourced from entitlements that were not taken up.

The offer is expected to open June 14 and to close June 23. New shares subscribed under the offer are expected to commence trading on the Australian Securities Exchange on July 3.

Bell Potter Securities Ltd. will fully underwrite the entitlement offer.

As of June 2, US$1 was equivalent to A$1.34.