Edinburgh Equity Nominee has exercised its option to subscribe to one million preference shares in Blis Technologies.
Together with capital raised from investors, this means the Dunedin biotechnology company will have $3 million in new capital which chairman Peter Fennessy said would be spent commercialising its products, meeting regulatory requirements and implementing its strategy.
Edinburgh is the investment arm of Tony Offen and Sir Eion Edgar, and as part of an underwriting agreement, was given the option of purchasing a further one million preference shares within 12 months, which it has now exercised.
Under that rights issue, shareholders were offered one preference share for every 45 existing ordinary shares they held, at an issue price of $1 per preference share on a fully renounceable basis.
