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IDT Australia Ltd Announces Circa $6 Million Capital Raising via Share Placement and Non Renounceable Rights Issue

Wednesday, 28 Aug 2013 08:15pm EDT 

IDT Australia Ltd announced that it has entered into an underwriting agreement for the placement to institutional and sophisticated investors of approximately 11,481,482 fully paid ordinary shares (Placement Shares) to raise approximately $3.1 million at $0.27 per Share (Placement). Wilson HTM Corporate Finance Ltd (Underwriter) is fully underwriting both the Placement and the Rights Issue Offer (outlined below) pursuant to the terms of an underwriting agreement dated August 29, 2013 (Underwriting Agreement). Eligible Shareholders will be able to subscribe for one fully paid ordinary share (Entitlement Share) under an underwritten rights issue offer (Rights Issue Offer) for every five Shares held at 5:00pm (AEST) on September 9, 2013 (Record Date) at an Issue Price of $0.27 per New Share, being the same price at which the Placement Shares (after receiving shareholder approval) will be issued. The net proceeds from the Rights Issue Offer, together with funds raised from the Placement and existing cash reserves, will be used to fund the Company and its strategy for profitability and growth. This will include improvements in the efficiency of the existing business and more vigorous sales and marketing efforts, funding the development of an Australian Clinical Site Management business and conversion of existing IDT assets into a range of IDT owned generic drug registrations. 

Company Quote

0.015 +6.00%
2 Jun 2015