Australia's Admedus Ltd. is raising about A$6 million in a placement of shares to investors.
The company is selling 20 million shares at 30 Australian cents per share under the placement. The company's directors are contributing 12% of the placement, subject to shareholder approval.
Admedus also invited its shareholders to participate in a share purchase plan for the opportunity to subscribe for up to A$15,000 of new shares at the placement price. The plan will be available to shareholders on record May 9 and have a registered address in Australia or New Zealand.
Admedus will use proceeds from the placement and share purchase plan to expand its strategic projects.
CCZ Statton Equities acted as the lead manager for the placement, which is expected to be completed May 16.
Admedus develops and sells healthcare devices. Among its products is CardioCel, which is used in the repair of congenital heart deformities and defects.