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Benitec Biopharma raises $2.3M in American depositary share, warrants offer

Benitec Biopharma Ltd. raised $2.3 million in an offering of 2.8 million American depositary shares, or ADSs, plus 412,863 prefunded warrants.

The shares were sold to investors in the U.S. for 70 cents each. Investors also received 412,863 prefunded warrants at 69.99 apiece, with each of these securities convertible into an ADS of the company after paying an exercise price of 0.1 cents each.

The company's ADSs will be listed on the Nasdaq capital market under the BNTC symbol. The registered direct offering closed Sept. 30.

Funds raised will be used for product development and general corporate purposes, Benitec said. Meanwhile, the company also agreed to issue additional warrants to the investors to buy up to a further 3,212,864 ADSs for 70 cents each.

The issue of the additional warrants is subject to shareholder approval.

Ladenburg Thalmann & Co. Inc. acted as the exclusive placement agent for the registered direct offering and the concurrent private placement.