CDY 0.00% 20.0¢ cellmid limited

Road to Profitability

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    Excellent Presentation...great line about sharing the growth with shareholders !!




    Cellmid raises $9 million for distribution and invites shareholders to invest $1 million

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    14:11 31 Jul 2018
    The company will use the capital raised as fuel for distributing its products in Australian and international markets.
    http://static2.*.com.au/thumbs/upload/Article/Image/2018_07/757z468_1533010860_shutterstock_1061575325.jpg
    There was strong demand from new and existing institutional investors
    Cellmid Limited (ASX:CDY) has raised $9 million from sophisticated and institutional investors and will invite shareholders to participate in a $1 million share placement plan.
    The $9 million from high-quality investors is split into two tranches, with one to be approved by shareholders.
    Cellmid said the placement “closed with strong demand from new and existing institutional investors”.
    READ: Cellmid lays out major plan for product and distribution expansion

    Proceeds will provide working capital to drive distribution of Cellmid’s products and grow its health business, pushing out its flagship évolis product range, and facilitating distribution in Australia, New Zealand and new global markets.
    Sydney-based Cellmid hopes to increase its proceeds from an exclusive distribution agreement with Fillerina for the two Southern Hemisphere countries.
    READ: Cellmid's year-to-date sales exceed full-year sales for 2017 with further momentum expected

    Cellmid chairman Dr David King said: “We are delighted to secure funding for the expansion of our consumer health business at this critical stage.
    “The funding will allow us to turbo charge our growth plans and take the company closer to profitability.”
    It comes at a fortuitous time as distribution channels have been set up in major global markets such as China and the US.
    READ: Cellmid set to launch its évolis hair care products in the lucrative Chinese market

    The Blue Ocean Equities Pty Ltd-led 23.7 million placement was priced at 38 cents a share, which was a 17.8% discount to Cellmid’s 30-day VWAP on its last trading day of July 26.
    The tranche that investors will be asked to approve at an annual meeting pencilled in for September 7 will be a 12.5% placement to directors: 11.1% to the Dennis Eck family, 0.3% to Martin Cross and 1.1% to managing director and CEO Maria Halasz.
    That tranche makes up more than 19 million shares and about $7.3 million of the capital raising while the remaining unconditional placement will bring in about $1.7 million.
    The unconditionally approved shares will be settled on Friday and allotted next Monday.
    If the director component of the share-raising is approved, the shares are expected to be settled on August 11 and allotted the next day.
    READ: Cellmid secures partnership with Bloomingdales to sell évolis

    Shareholders will be able to participate in the offer at the same buy-in price for a $15,000 maximum increase to their investment.
    The investors must have been on the share register at 7pm Australian Eastern Standard Time yesterday and be registered to an Australian or New Zealand address.
 
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