Cannington-based security technology group QRSciences Holdings Ltd has raised around $6.3 million through a rights issue, which it will use to retire convertible notes held by Vision Opportunity Master Fund Ltd and Platinum Partners Value Arbitrage Fund LP.
The full text of a company announcement is pasted below
QRSciences Holdings Limited (ASX:QRS) (QRSNY:PK) is pleased to announce the successful completion of the non-renounceable rights issue conducted in accordance with the prospectus issued on 27 June 2007. The rights issue is now closed following the minimum subscription being met under the terms outlined in the prospectus.
The Company has today allotted 21,134,373 New Shares at an issue price of $0.30 each, raising approximately $6.34M. In addition, 21,134,373 free attaching New Options, exercisable at $0.45 on or before 30 June 2012, have been issued.
The proceeds of the Rights Issue will retire the outstanding Convertible Notes held by Vision Opportunity Master Fund, Ltd. (Vision) and Platinum Partners Value Arbitrage Fund LP and be used for general working capital purposes.
Vision will also be issued with 4,608,500 shares upon partial conversion of its Convertible Note holding, valued at $1.38M.
Accordingly, the repayment and partial conversion retires the Convertible Notes in their entirety and causes the release of all security that the noteholders previously held over QRSciences' assets.
Upon conclusion of the rights issue and note conversion, QRSciences' issued ordinary capital stands at 76,140,453 shares.
The Company will be applying for the re-quotation of its securities shortly.
