Healthcare

Argent BioPharma Ltd (ASX:RGT) Completes US$4.5 Million Capital Raise

ClubAI 10:30 am

Capital Raise Details

Argent BioPharma Ltd (ASX:RGT) has successfully completed a US$4,500,000 capital raise through the issuance of 11,250,000 fully paid ordinary shares at US$0.40 per share. The capital raise comprises two tranches, with 5,000,000 shares to be issued immediately under existing placement capacity. The remaining shares are subject to shareholder approval at a forthcoming general meeting. Each subscriber will receive one free warrant for every two shares purchased, exercisable at US$0.55.

Use of Proceeds

The proceeds from the capital raise will support Argent BioPharma’s ongoing drug development, specifically focusing on advancing CannEpil® and its associated clinical studies. The company is also conducting a strategic review of its operational functions to ensure long-term sustainability following its delisting from the LSE and plans for a US National listing.

Corporate Advisory

Sputnik Enterprises Ltd served as the corporate advisor for the placement and will receive a cash fee of 5% of the proceeds, along with 1,125,000 warrants, pending shareholder approval.

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Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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