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- Stemcell United (SCU) secures $1.02 million through a share placement and convertible loan
- Institutional, professional and sophisticated investors have subscribed for over 145.8 million SCU shares at 0.6 cents each to raise up to $875,005
- Stemcell’s former Director, Yanhua Huang, provided the additional $150,000 the company sought through a loan convertible into new SCU shares
- SCU also plans to convert accrued liabilities owed for unpaid director fees, consultancy fees and/or salaries worth $150,000 into SCU shares
- Company shares have been suspended since October 2021
Stemcell United (SCU) has secured $1.02 million through a share placement and convertible loan.
The company aimed to complete the raise by the end of January, with the funds to be used to satisfy the ASX’s conditions to be reinstated to the share market.
Institutional, professional and sophisticated investors have subscribed for over 145.8 of the company’s shares to raise up to $875,005.
The placement shares were offered at 0.6 cents each. SCU also proposes to issue one free attaching option for every share subscribed for, subject to shareholder approval to be sought at an extraordinary general meeting scheduled for late March.
Stemcell’s former Director, Yanhua Huang, has provided the additional $150,000 SCU sought through a loan convertible into new shares in the company on the same terms as the placement.
The company’s existing and incoming directors have also agreed to convert up to $150,000 in accrued unpaid fees into SCU shares on the same terms as the placement.
Moving forward, SCU said it would continue to work through conditions set out in a letter from the ASX to be reinstated to official quotation and hoped to satisfy the conditions by late February or early March.
With the capital raise funds secured, a number of board changes are scheduled.
Company shares have been suspended since October 2021.
