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Total Brain to raise up to A$6.9M for software, product development

Total Brain Ltd. plans to raise about A$6.9 million in a capital raising consisting of a private placement, conditional placement, and entitlement offer, each priced at 2.8 Australian cents per share.

The San Francisco-based company will raise A$3.7 million and A$1.3 million in the private placement and the conditional placement, respectively. Total Brain said in March 18 news release that it will seek shareholder's approval for the conditional placement in a special meeting April 29.

The company plans to raise about A$1.9 million in the entitlement offer to eligible shareholders. Under the entitlement offer, the company will offer to sell one new share for every eight existing shares held by the shareholders on March 21.

The company plans to use the proceeds from the capital raise to fund software and product development, sales and marketing activities, offer costs along with working capital.

Blue Ocean Equities Pty. Ltd. is the lead manager for the capital raising.

Total Brain develops and commercializes brain health products in Australia and the U.S.