The placement was corner-stoned by several existing foreign and domestic shareholders of the company and will be used to support recently announced distribution deals with iconic pharmacy chain Boots UK (ASX announcement August 21st 2015). The raise was managed by the company with assistance from Baillieu Holst.
The shares issued under placement were issued in accordance with Chapter 7 of the listing Rules and the placement and the placement does not require shareholder approval.
Mr Martin Rogers Chairman participated in the raising to the amount of $100,000 that is subject to shareholder approval.
About Rhinomed Ltd
Rhinomed Limited (ASX:RNO) is a Melbourne, Australia based technology firm with a focus on nasal, respiratory and breathing management technologies. The company is developing and commercialising applications of its technology portfolio in the sport, sleep, cough/cold and allergy, and drug delivery markets. The company has two products in market (the Turbine for sports and exercise and Mute for snoring and better sleep) and has recently completed a pilot Phase I clinical trial of its new INPEAP technology targeting mild to moderate sleep apnea. For more information, go to www.rhinomed.global.