10/01/2008 - 10:23

MEDEC raises cash for restructure

10/01/2008 - 10:23

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Perth based health care equipment company, MEDEC Ltd, has placed up to 8.5 million shares with German and Perth investors to raise $500,000.


Perth-based health care equipment company, MEDEC Ltd, has placed up to 8.5 million shares with German and Perth investors to raise $500,000.

MEDEC has signed agreements with the German investment bank, Acon Actienbank AG, and Josef Plattner for the private placement of up to 8.5 million shares at $0.06 per share to be finalised by February 28, 2008.

More than 120 million MEDEC shares have been traded in Germany since its securities commenced trading on German stock exchanges in February 2005.

This placement will increase the cash reserves of MEDEC to $1.2 million, providing the funding for operations and restructuring of the group.

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