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Australia's Holista Colltech enters controlled placement agreement

Australia's Holista CollTech Ltd. said in a Feb. 7 ASX filing that it entered into a controlled placement agreement with Acuity Capital to secure up to A$3 million of standby equity capital over the next 24 months.

The health and wellness company said it does not have to use the funding and can terminate the agreement at any time without cost or penalty.

As collateral for the deal, Holista agreed to issue 9.5 million shares at nil consideration to Acuity. The first tranche of the issue will be 6.5 million shares, with the second tranche of 3 million shares to be issued following approval from shareholders.