Stirling to raise further cash

Stirling Products (ASX:STI) is topping up its coffers with an AUD$1 million placement to clients of stockbroker Taylor Collison. A total of 5 million new shares will be issued at $0.20 per share.

Following the placement, Stirling will have approximately $4.1 million in the bank. "This gives us a nice healthy bank balance," said executive director Murray Ward. "During this particular period we will be quite busy with trials and we wanted to give ourselves a buffer."

Stirling Products is gearing up for the first trials in the US of its ST810 as a growth enhancing agent in pigs.

The fee for the placement will include a $35,000 cash component and 500,000 listed 20 cent options on the same terms as existing listed options and 500,000 unlisted 20 cent options exercisable on or before 31 December 2007.

It is anticipated that the placement will be completed by the end of October 2004.