Australia's OncoSil Medical Ltd. plans to raise about A$12.7 million through a non-underwritten institutional placement of about 106.1 million shares.
The late-stage medical device company said the placement will be conducted in two tranches: 72.7 million shares worth about A$8.7 million first; and then, subject to shareholder approval, another 33.3 million shares worth up to A$4 million. The shares will be issued at 12 Australian cents each.
Additionally, OncoSil plans to launch a purchase plan for up to A$4 million of its shares, under which eligible shareholders can subscribe for up to A$15,000 of shares each.
The company will use proceeds to help commercialize its lead product OncoSil in the EU and expand its global pancreatic cancer clinical trials.
Wilsons Corporate Finance Ltd. is managing the institutional placement.