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ESense-Lab issues shares in A$1.6M placement

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ESense-Lab issues shares in A$1.6M placement

ESense-Lab Ltd. issued 6,478,000 CHESS depository interests, or CDIs, as part of an oversubscribed placement, to raise about A$1.6 million.

Each CDI, which represents 1 underlying share, was priced at 25 cents.

Additionally, the company issued 2.5 million CDIs, priced 20 cents apiece, to MMJ PhytoTech Ltd. relating to a A$500,000 strategic investment. MMJ PhytoTech also received a free three-year option for every two CDIs issued, with an exercise price of 30 cents, subject to shareholder approval.

Otsana Capital acted as lead manager for the oversubscribed placement and strategic investment.