Biotron Limited (ASX:BIT) Withdraws Share Purchase Plan and Launches Rights Issue
Share Purchase Plan Withdrawal
Biotron Limited (ASX:BIT) has withdrawn its Share Purchase Plan (SPP) following an inquiry from ASX regarding its market sensitivity classification. The SPP was initially intended to raise $500,000 by issuing 50 million shares at $0.01 each. The company acknowledged a human error in marking the announcement as non-market sensitive, which affected its share price.
Rights Issue Announcement
In response, Biotron entered an underwriting agreement with Mahe Capital to launch a Rights Issue, aiming to raise $750,000. This move ensures sufficient capital to continue its commercialisation activities and maintain its financial stability. The Rights Issue was officially announced on 3 March 2025.
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