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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Osprey Medical Inc | ASX:OSP | Australian Stock Exchange | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.20 | 0.115 | 0.23 | 0.00 | 01:00:00 |
Highlights
Osprey Medical, Inc. (ASX:OSP) (Osprey or Company) today announces that it has received commitments from sophisticated and institutional investors to subscribe for 100 Million CHESS Depositary Interests (CDIs) (representing 50 Million shares of Common Stock) at A$0.28 per CDI to raise approximately A$28 Million (Placement).
The Placement will be completed in two tranches with Tranche 1 consisting of approximately 38.5 Million CDIs (representing approximately 19.3 Million shares of Common Stock) to be issued within Osprey’s 15% placement capacity under ASX Listing Rule 7.1 and its 10% placement capacity under ASX Listing Rule 7.1A. Tranche 2 will consist of approximately 61.5 Million CDIs (representing approximately 30.8 Million shares of Common Stock) to be issued subject to stockholder approval at a special meeting of stockholders (Special Meeting) to be convened by the Company on or about Tuesday, 30 August 2016.
The funds raised from the Placement will be primarily used by the Company to:
Brandon Capital Partners, a 16.1% CDI holder in the Company (pre-Placement), has committed A$10 Million to the Placement (to be invested in Tranche 2).
Mike McCormick, President and CEO of Osprey, commented: “We are delighted with the oversubscribed placement. It reflects a strong endorsement from the investment community and places Osprey in a very strong position to aggressively expand its sales and marketing team in the US.”
“Our commercialisation efforts in the US have resulted in strong sales traction to date with 7 quarters of consecutive growth in sales and samples. Our original sales territory, San Antonio Texas, was profitable in June 2016 with other territories following a similar sales trajectory.”
Canaccord Genuity (Australia) Limited and Bell Potter Securities Limited acted as the Joint Lead Managers to the Placement. Vesparum Capital is acting as financial advisor to Osprey.
The CDIs under the Placement and Security Purchase Plan (described below) will be issued on the same terms as, and will rank equally with, the existing CDIs of Osprey.
Indicative Timetable¹² Trading halt Tuesday, 2 August 2016 Record date for SPP Wednesday, 3 August 2016 Placement and SPP announced and Company resumes trading Thursday 4 August 2016 Settlement of issue of Placement CDIs under Tranche 1 Wednesday, 10 August 2016 Allotment of issue of Placement CDIs under Tranche 1 Thursday, 11 August 2016Special Meeting for approval of issue of Placement CDIs underTranche 2
On or around Tuesday, 30 August2016
Settlement of Placement CDIs under Tranche 23 Monday, 5 September 2016 Allotment of Placement CDIs under Tranche 23 Tuesday, 6 September 2016(1) The timetable above is indicative only and may be varied subject to the ASX Listing Rules
(2) All times are in AEST
(3) Assumes stockholder approval (>50%) is granted at the Special Meeting
Security Purchase Plan
In addition to the Placement, the Company is offering existing holders of CDIs with registered addresses in Australia and New Zealand the opportunity to subscribe for up to approximately A$15,000 or approximately 53,571 CDIs under a Security Purchase Plan (SPP). The issue price under the SPP is A$0.28 per CDI, which is the same price as under the Placement. The amount raised under the SPP will be capped at A$1 Million. The proceeds of the SPP will be used by the Company for the same purposes as the Placement.
The record date for the SPP is 7pm (Melbourne time), Wednesday, 3 August 2016. Full details of the SPP will be released to the ASX and mailed to eligible CDI holders shortly.
About Osprey
Osprey Medical is focused on protecting patients from the harmful effects of X-ray dye (contrast) used during commonly performed angiographic imaging procedures. The Company’s core technologies originated from research conducted by Dr David Kaye at Melbourne’s Baker IDI Heart and Diabetes Institute. Its proprietary dye reduction and monitoring technologies are designed to help physicians minimize dye usage. The Company’s DyeVert™ System is a next-generation product that reduces contrast while maintaining image quality in a self-adjusting easy-to-use design. Osprey Medical’s Board and Management are comprised of experienced and successful personnel with established track records covering medical device development, regulatory approvals, sales and marketing, and mergers-acquisitions. Osprey Medical’s advisory board comprises world-recognised experts in heart and kidney diseases.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160804005622/en/
MediaBuchan ConsultingGavin Lower, (613) 8866 1215glower@buchanwe.com.auorInvestorsBuchan ConsultingRebecca Wilson, (61) 417 382 391rwilson@buchanwe.com.auorCompanyOsprey Medical Inc.Doug Schoenberg, (952) 955 8230VP of Marketingdschoenberg@ospreymed.com
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