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Immuron to raise A$5.1M through private placement

Immuron Ltd plans to raise A$5.1 million through a private placement with a large U.S. institutional investment fund.

The company will issue 13,162,744 new shares at 39 Australian cents per share. The share sale will include three new free-attaching options for every 5 new shares issued, resulting in 7,897,647 new options being issued. The options will be exercisable at 46.8 cents per option, expiring five years from the date of issue.

The placement is expected to close March 15, subject to customary conditions.

The Blackburn North, Australia-based company plans to use proceeds to fund its ongoing clinical programs as well as marketing initiatives for its anti-bacterial Travelan and provide working capital.

Joseph Gunnar & Co. LLC and H.C. Wainwright & Co. acted as exclusive joint placement agents for the offering.