BARD1 Life Sciences Ltd. agreed to sell 86,666,666 shares at 1.5 Australian cents each to a group of investors.

The company expects to raise A$1.3 million through the placement, which will go toward its ongoing research and development programs, as well as commercial initiatives and general working capital purposes.

The placement is expected to settle by March 26.

Australia-based BARD1 Life Sciences develops therapies and diagnostic tests for cancer.