Rockeby biomed raises $1 million

Singapore's Rockeby biomed (ASX:RBY) has raised just over AUD$1 million in a non-renounceable one-for-one share rights issue to shareholders, approximately $786,000 less than the AUD$1.78 million it hoped for.

The issue price for each share was $0.01 and acceptances closed on July 26. Over 50 million shares (approximately $500,000) were acceptances of entitlements, and just under 50 million shares (approximately $497,000) were applications for shortfall.

"We now have three months to pick up any further applications for the shortfall," said Rockeby biomed company secretary Ban-Huat Tan.

The rights issue was not underwritten, with an undersubscription of over 78 million shares, worth approximately $786,000.

Rockeby biomed had expected that the capital raising of $1.78 million would see it through to the end of financial year 2006, however, Tan is optimistic that despite the shortfall the company "may just scrape through, with a bit of scratching."

"Obviously it would have been ideal if we'd had the full subscription but it gives us sufficient breathing space to reappraise the situation and see what happens in six to nine months time," he said. "Hopefully things may have evolved by then to improve the situation."