OncoSil Medical Ltd. closed the first tranche of its previously announced non-underwritten institutional placement of 106.1 million shares.

The company issued 72.7 million shares at 12 Australian cents each in the first tranche, raising A$8.7 million.

OncoSil will issue 33.3 million shares at the same price under the second tranche, for proceeds of about A$4 million. The second tranche is subject to shareholder approval at a May 4 meeting.

Wilsons Corporate Finance Ltd. is managing the institutional placement.

Australia-based OncoSil is a late-stage medical device company that develops localized cancer treatments.