Eagle Health Holdings Limited (ASX: EHH) (“Eagle Health” or “Company’) is pleased to announce that it has successfully received commitments for a placement of fully paid ordinary shares (New Shares) to various eligible sophisticated and professional investors, all of whom are non-related parties, to raise AUD$1.0 million (before costs) (Placement).
The Placement will comprise an issue of 10,000,000 New Shares at an issue price of $0.10 per New Share under the Company’s existing placement capacity afforded under ASX Listing Rule 7.1. This represents a 9.1% discount to the last closing price and a 6.8% discount to the 15-day volume weighed average price (VWAP) of existing Eagle Health shares.
The funds raised will be used for new Australian product line and investment evaluations, market research and end-user analysis, new and existing brand development and for general working capital purposes.
The New Shares will rank equally with existing fully paid ordinary shares in the Company. No shareholder approval is required for the Placement, as the issue of the New Shares is within the Company’s existing placement capacity under the ASX Listing Rules.
The New Shares are expected to be issued during the week commencing 2 December 2019 at which time the Company will lodge an Appendix 3B. The Company did not use a lead manager for the Placement.