Leederville-based medical research and development company Salus Technologies Ltd is looking to raise $800,000 to fund the development of the company's existing medical research projects primarily focused on advanced wound care technologies.
Leederville-based medical research and development company Salus Technologies Ltd is looking to raise $800,000 to fund the development of the company's existing medical research projects primarily focused on advanced wound care technologies.
Leederville-based medical research and development company Salus Technologies Ltd is looking to raise $800,000 to fund the development of the company's existing medical research projects primarily focused on advanced wound care technologies.
The placement is for 16 million new shares at an issue price of 5 cents per share and is subject to shareholder approval.
At market close shares in the company were at 6.9 cents.
Below is the full announcement:
CORPORATE UPDATE
Proposed Placement
The Directors of Salus Technologies Ltd (Salus or Company) advise that they have
agreed, subject to shareholder approval, to make a placement of 16 million new shares at
an issue price of 5 cents per share to raise $800,000 before costs. These shares will rank
pari passu with existing shares and have one free attaching listed option with an exercise
price of 10 cents per option on or before 30 June 2008.
The placement will be managed, on a best endeavours basis, by Peregrine Corporate
Limited, a holder of a financial services licence.
Shareholders will be asked to approve this transaction at a general meeting to be held on
or about 28 June 2006. A Notice of General Meeting will be despatched to shareholders
shortly.
The funds raised from the placement will be used to continue the development of the
Company's existing medical research projects primarily focused on advanced wound care
technologies. They will also be used to evaluate new opportunities which are currently
being considered by the Company in the field of medical devices.
Resignation of Director
The Directors also advise that Dr Andrew Barker has resigned from his positions on the
Board of Salus and its subsidiary, Advanced Wound Care Pty Ltd.
The Board wishes to thank Dr Barker for his contribution to both Companies.