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Micro-X raises A$5.2M in placement; another A$4.8M planned

Micro-X Ltd. plans to generate about A$10 million in an equity raising to support the commercialization of its mobile X-ray unit DRX Revolution Nano, including working capital requirements for first orders.

The capital raising comprises a completed A$5.2 million placement to investors and a 1-for-10 entitlement offer to raise about A$4.8 million.

Up to about 25 million new shares may be issued under the capital raising priced at 40 Australian cents per share.

Settlement of the new shares under the placement is expected to be completed on April 13 and the shares are expected to be issued and to commence trading on the ASX on a normal settlement basis on April 18.

Further, Micro-X shareholders registered in Australia or New Zealand as of April 13 can participate in the entitlement offer at an offer price of 40 Australian cents per share.

The offer will open April 20 and close May 2.

The entitlement offer will be partially underwritten by Wilsons Corporate Finance Ltd. for A$2.8 million, ensuring that the company will receive total proceeds of no less than A$8 million.

Wilsons Corporate Finance is also the lead manager to the capital raising.

Part of the proceeds will also be used to support the development of the company's mobile X-ray product Rover and to advance the development of its Mobile Backscatter Imager.

As of April 7, US$1 was equivalent to A$1.33.