Imugene Ltd. is looking to raise a total of A$20.1 million through a placement and entitlement offering of new ordinary shares to fund the development of its cancer vaccine pipeline.
The Australian immuno-oncology company priced a placement of 444,444,445 new ordinary shares at 2.7 Australian cents apiece to raise proceeds of A$12 million. The company will also issue one new option for every three stocks sold; the option can be exercised for an additional stock of the company at 4 Australian cents each until Nov. 30, 2021.
The closing of the placement is subject to shareholder approval at the company's general meeting July 9.
Meanwhile, Imugene is looking to raise up to an additional A$8.1 million via an entitlement offer under which eligible shareholders of the company will be able to subscribe for one new stock for every 9.5 held in the company.
Imugene will also issue one new option for every three stocks sold. These options will be exercisable at 2.7 Australian cents each and will help the company raise an additional A$4 million if fully exercised.
Bell Potter Securities Ltd. is acting as the lead manager for the placement and underwriter in the entitlement offering. Aurenda Partners is acting as co-manager in the placement, with Roth Capital Partners as U.S. placement agent.
