In a market announcement, Blis chairman Peter Fennessey said shareholders had endorsed the placement of up to 300 million shares, at 1c per share, to parties which included the major shareholder Edinburgh Equity Nominees Ltd, and new investors Asian Pacific Partners Ltd and NZPR Group.
More than 233 million shares had been issued so far.
''In aggregate, these initiatives are expected to raise $3.5 million to $4.5 million in support of the commercialisation of Blis products in New Zealand and international markets,'' Mr Fennessey said.
Blis produces oral probiotic bacteria, which can be added to many dairy products.
Aside from offsetting an anticipated near-term operating deficit, the funds raised would be used to meet capital expenditure and working capital requirements.
Alongside third parties, Blis would produce and market milk-based formulations, mainly for Asian markets, including beverages with BLIS K12 and BLIS M18.
''Although the company has yet to achieve profitable operations, successful implementation of the business strategies are expected to deliver profits in the foreseeable future,'' Mr Fennessey said.
Blis has posted 12 consecutive losses since listing in 2001, estimated at a total $29.3 million.
Mr Fennessey said this week he still expected to book an operating loss for the present financial year, as forecast earlier.simon.hartley@odt.co.nz
