dorsaVi Ltd. plans to raise about A$8 million through a private placement and share purchase plan.

The company will issue 15,217,393 new shares to sophisticated and institutional investors at 46 cents apiece in two tranches to raise a total of A$7 million.

The remaining A$1 million will be raised via a share purchase plan also priced at 46 cents for every share issued.

Funds raised will help dorsaVi further its sales growth.

Bell Potter Securities Ltd. is the lead manager and book runner of the placement.

As of Dec. 13, US$1 was equivalent to 1.33 Australian dollars.