$2.5m Capital Raise to Acquire the Distribution Rights to Bronchitol(R) and Aridol(R)
Melbourne, July 5, 2021 AEST (ABN Newswire) - BTC Health Limited (ASX:BTC) is pleased to announce the receipt of binding firm commitments for a $2.5 million private placement ('Placement') to fund the acquisition of exclusive distribution rights to Bronchitol(R) and Aridol(R) in Australia, New Zealand, Malaysia, Hong Kong and Singapore. The Placement was strongly supported by the Company's existing institutional and professional investors. Taylor Collison Limited acted as Lead Manager to the Placement.
The issue of 35.7 million fully paid ordinary shares ('Shares') is expected to take place on 9 July 2021 at an issue price of $0.07 per Share, which represents a 5.4% discount to BTC health's last closing price of $0.074 on 30 June 2021. The Shares issued under the Placement will rank equally with the existing ordinary shares of BTC health.
Dr. Richard Treagus, Executive Chairman commented "I wish to thank our major shareholders for their strong support for this transaction, as well as our broader growth plans. Bronchitol(R) and Aridol(R) are a good fit for our business and an important step in building a presence in the speciality pharmaceutical segment of the healthcare market. We are fully committed to realising BTC's growth ambitions, and in so doing generating sustainable returns to shareholders within a fully compliant Pooled Development Fund."
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About BTC Health Limited
BTC Health (ASX:BTC) is a listed entity on the ASX and is a Pooled Development Fund, registered under the Pooled Development Funds Act 1992. It is a high-growth company, focused on making world-class innovative medical products available to patients in Australia and New Zealand.
BTC Health Limited