Stirling aims to raise almost $1 million

Perth-based Stirling Products are aiming to raise $210,000 in immediate capital raising, or up to $960,000 in total before expenses, through a placement of fully paid ordinary shares and convertible notes.

The animal health company intends to use the funds to find technical and commercial partners for the technology platform of the company and to cover ongoing operating costs.

The company has signed a mandate with RM Corporate Finanace for them to act as lead manager in the placement, which will be made following the AGM on November 21 from the placement facility of 35 million shares for which shareholder approval is being sort.

The remaining $750,000 will be raised through the issue of convertible notes at 9 per cent interest with a repayment date of June 30, 2011 if not converted before this date for shares at a price being 80 per cent of a volume weighted average price and subject to a minimum conversion proice of $0.004.