Bio-Gene Technology Limited (ASX:BGT) Launches Share Purchase Plan
Share Purchase Plan Details
Bio-Gene Technology Limited (ASX:BGT) announced the launch of its Share Purchase Plan (SPP) following a successful share placement that raised $2.1 million from sophisticated and professional investors. Under the SPP, eligible shareholders as of 7:00 PM on May 2, 2025, with registered addresses in Australia, can acquire up to $15,000 in fully paid ordinary shares at $0.023 per share, the same price as the recent placement. Participants will not incur brokerage or transaction costs.
Free-Attaching Options
For every two shares acquired under the SPP, shareholders will receive one 2028 Option and one 2030 Option at no additional cost. The 2028 Options have an exercise price of 3.4 cents and expire on May 15, 2028, while the 2030 Options have an exercise price of 4.6 cents and expire on May 15, 2030. The SPP runs from May 12, 2025, to 7:00 PM on May 28, 2025.
Use of Proceeds
Proceeds from the Placement and SPP will fund Flavocide® regulatory enabling studies, scale-up of Qcide®, product development, commercial partnering arrangements, strategic projects, general working capital, and costs associated with the raise.
Executive Comments
Tim Grogan, Managing Director and CEO, stated, “We are very pleased with the response to the placement from sophisticated and professional investors and the launch of this SPP enables our shareholders to participate in the Company’s current capital raising. This support will enable Bio-Gene to undertake key studies that support our first application for approval of Flavocide active constituent in Australia.”
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