Sydney, Sep 25, 2023 AEST (ABN Newswire) - Veratin Limited (NSX:VTN) is pleased to announce a non-renounceable rights issue to eligible shareholders, on the basis of 1 new fully paid ordinary shares for every 25 shares held at an issue price of $0.18 per share (New Share), to raise approximately $200,000 (before costs) (Rights Issue). Assuming no existing options on issue in the Company are exercised, approximately 1,111,112 New Shares will be offered under the Rights Issue.
The Rights Issue will be available to all registered shareholders who hold shares at 5.00pm (AWST) on 9 October 2023 (Record Date) with registered addresses in Australia and New Zealand (Eligible Shareholders).
Existing option holders need to exercise their options and be a registered holder of shares on the Record Date if they wish to participate in the Rights Issue.
In accordance with the NSX Listing Rules and the Corporations Act 2001 (Cth) (Corporations Act), Veratin has considered the number of shareholders with registered addresses in various jurisdictions outside of Australia and New Zealand and the size of the shareholdings held by those shareholders. Taking this into consideration, as well as the costs of complying with the legal requirements and the requirements of the regulatory authorities relating to the shareholders with registered addresses in various jurisdictions outside of Australia and New Zealand the Company has formed the view that it is unreasonable to extend the Rights Issue to those shareholders.
The purpose of the Rights Issue is to raise approximately $200,000, including the costs of the Rights Issue. The funds raised from the Rights Issue will be applied for the purposes of research and development, advertising and marketing, fund the costs of the Rights Issue and to provide working capital.
To view the proposed timetable for the Rights Issue, please visit:
About Veratin Limited
Veratin Limited (NSX:VTN) is involved in the research and development of products derived from waste wool, including the development and sales of its initial product, Verigrow(R), a wool-based liquid fertiliser for domestic and commercial use. The Company is also involved in the development of additional products and opportunities derived from its registered intellectual property.