Agenix raises $1 Million – Rights issue fully subscribed and convertible note.
Diagnostic and drug development company Agenix Limited (ASX: AGX) today announced that it has entered into a binding heads of agreement (HoA) with Scintilla Strategic Investments Limited (Scintilla) and other parties who fall into one or more of the classes of exemptions under section 708 of the Corporations Act to fully subscribe and underwrite the entire shortfall offer under the recent Rights Issue raising a further $804,000 and to underwrite and place a further $200,000 by way of zero coupon rate notes to convert by July 2013.
Under the terms of the HoA, subject to shareholder approval, the investors will be entitled to various fees in consideration of entering into the agreements. These fees, if approved by shareholders, will be acquitted by the issue of ordinary shares thus preserving the Company’s cash position. A Board Position will be offered to the parties, details of which will be announced shortly on completion of the placements.
Agenix Executive Chairman and Chief Executive Nick Weston said, “We welcome Scintilla and the other investors as long term strategic shareholders. This agreement provides a solid base of funding for Agenix and demonstrates confidence in management’s strategy to create long-term shareholder value. The agreement further enhances Agenix’s resources to continue to deliver a number of important commercialisation milestones in 2013.”
Agenix is commercialising a revolutionary blood clot diagnostic called ThromboView, a human health point of care diagnostic platform called DiagnostIQ and a hepatitis B therapy for China.
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