PharmAust Ltd. issued another 31,261,388 shares under a previously announced but undersubscribed rights offering.

The latest issue raises an additional A$1.6 million, bringing total amounts raised to A$2.7 million.

The company also issued an option for every three shares allotted; the option can be exercised into a company share at a price of 12 Australian cents until Nov. 30, 2019.

As of Dec. 29, US$1 was equivalent to A$1.39.