Revenir raises $1.5 million, expects oversubscription
Wednesday, 28 July, 2004
Revenir (ASX: REV) has achieved the first step in its proposed merger with British biotech company Bone with the raising of more than AUD$1.5 million in a share placement.
The offer, which officially closes next week, is also accepting oversubscriptions up to $1,020,000.
A minimum raising of $1.5 million was one of the conditions for the merger, which also involves consolidation of capital in the former property management company, followed by the issuance of 34 million shares to Bone vendors in payment for 80 per cent of the British companies' ordinary shares as well as all of its preference shares
A shareholders meeting will be held on 2 August to approve the merger with Bone and name change to Bone Medical.
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