Ventracor raises $33m in rights issue
Wednesday, 29 October, 2003
Ventracor (ASX:VCR) has closed its renounceable rights issue, raising approximately AUD$33 million in an offer oversubscribed by $12 million.
Chairman John Massey said the allocation of shares applied for under the top-up facility would be preferentially distributed to small shareholders. Trading of the new shares is expected to begin this Friday, 31 October.
The offer increases Ventracor's cash reserves to around $74 million. Massey said the funds would be used to finance the company's clinical trials for its VentrAssist device, and also to look at alternative uses for the device.
"The funding allows us to move forward as quickly as possible without being impeded by a lack of funds," he said.
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