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ESense to raise A$3.2M to fund R&D, commercialization

ESense-Lab Ltd. will raise about A$3.2 million through a placement of CHESS depositary interests, or CDIs.

The Israeli company completed the oversubscribed placement, and will issue 105 million CDIs at 3 Australian cents each to a group of investors.

The new CDIs will give the same economic benefits as fully paid ordinary shares, and will rank equally with the company's existing CDIs.

Additionally, 35 million free-attaching options will be issued under the placement, subject to shareholder approval. The unlisted options are exercisable at 6 cents each for four years after issue.

ESense-Lab, which specializes in the phytochemical profiling of plants, said proceeds will be used mainly on commercialization and research and development activities.

EverBlu Capital Pty Ltd. acted as lead manager for the placement, which will occur in two tranches.