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Provider: Thomson Reuters Stock Report
Provider: Reuters Investment Profile
Provider: Thomson Reuters StreetEvents

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GI Dynamics Inc Announces Completion of AUD57.5 Million Private Placement and Launch of Share Purchase Plan

Tuesday, 2 Jul 2013 07:40pm EDT 

GI Dynamics Inc announced that it has received commitments for an oversubscribed private placement of 108.5 million fully paid CHESS Depositary Interests (CDIs) at an issue price of AUD0.53 per CDI to sophisticated, professional and accredited investors in Australia, the United States of America and certain other jurisdictions to raise AUD57.5 million(Placement). GI Dynamics intends to use the proceeds raised from the Placement and Share Purchase Plan (see below) to fund its U.S. pivotal clinical trial and for general working capital purposes. The Company also announced the terms of an offer to eligible shareholders of the Company with a registered address in Australia or New Zealand (Eligible Shareholders) under a Share Purchase Plan (SPP) to raise up to AUD2.5 million (or such greater amount as the directors determine). The SPP will provide Eligible Shareholders of GI Dynamics with an opportunity to purchase CDIs in the Company without incurring brokerage or other transaction costs and at the placement issue price of AUD0.53. Under the SPP, each Eligible Shareholder who held CDIs or shares of common stock in GI Dynamics at the record date of 2 July 2013 will be entitled to acquire up to A$15,000 worth of new CDIs in the Company. The SPP CDIs will be offered at an issue price of AUD0.53 per CDI. 

Company Quote

0.055 +23.91%
30 Jan 2015