Somnomed Limited (AU:SOM) has released an update.
SomnoMed Limited has successfully completed the institutional part of its share offer, issuing 27.5 million new shares and raising A$5.8 million, with a strong 70.6% take-up by current shareholders. The company also placed the remaining shares, worth A$1.7 million, with certain investors, and now looks forward to the retail component, aiming to raise an additional A$16.8 million. Trading of SomnoMed’s shares will resume on an ex-entitlement basis, with new shares expected to settle and begin trading on the ASX later in the month.
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