on Ondine Biomedical Inc (LON:OBIMF)
Ondine Secures C$5 Million Financing
Vancouver-based Ondine Biomedical Inc. (LON:OBI) has announced a private placement financing agreement, securing C$5 million from a new third-party private investor in Canada. This move aims to bolster the company's commercial growth initiatives.
Ondine will issue 22,222,222 new common shares at an issue price of 12.5 pence per share. These new shares will account for approximately 7.4% of the company's enlarged share capital. The transaction is expected to close on or before November 8, 2024, with further announcements to follow.
The raised funds will be used for general working capital and to support commercial growth. CEO Carolyn Cross highlighted the additional capital's support for expected sales growth, following a recent distribution partnership with Mölnlycke Health Care.
R. E.
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