Rights issue closes raising approximately $1.2m

Rua Bioscience Limited (NZX: RUA) announces the successful completion of its 3 for 4 renounceable rights offer at an issue price of $0.025 per new share.

The rights issue raised approximately $1.2 million, comprising entitlements and oversubscriptions taken up by existing shareholders in addition to a small number of new shareholders who participated through the shortfall.

Eligible shareholders subscribed for an additional 47,119,179 new shares including oversubscriptions.

As per the terms of the rights offer, Rua will now allow applications for the remaining shortfall shares in accordance with NZX Listing Rule 4.4.

The allotment and issue of, and trading in, new shares under the rights issue is expected to occur on Friday 6th December 2024.

Rua Bioscience Chair, Anna Stove commented “On behalf of the Board and the Rua Bioscience team, I would like to thank our shareholders for their continued support.”

“While the $1.2m raised is a strong vote of confidence from existing shareholders, this is part of an ongoing journey. The majority of the proceeds will be used to fund working capital to grow sales. The Board remains confident in securing additional funding through the placement and are also vigorously pursuing new options for the sale of the Gisborne manufacturing facility.”

Rua Bioscience remains committed to its export-led growth strategy, leveraging its expertise in unique genetic development and international partnerships to deliver high-value medicinal cannabis products to patients.

ENDS  
 
The person who authorised this announcement:

Paul Naske
Chief Executive Officer
[email protected]
+64 21 445154

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Announcement PDF