GI Dynamics Inc. closed a A$1.5 million private placement of 69,865,000 CHESS depositary interests, or CDIs, representing 1,397,300 common shares of the company.

The placement was priced at 2.2 cents per depositary interest to help raise funds for continued operations.

CDIs are a type of security used by the Australian Securities Exchange to allow international companies to trade on the local market. GI Dynamics is based in the U.S.

As of Dec. 20, US$1 was equivalent to A$1.38.