Melbourne, Sep 18, 2015 - (ABN Newswire) - Rhinomed Limited (ASX:RNO) is pleased to announce today that it has raised a total of A$2.5m by a way of a placement of 78,125,000 fully paid ordinary shares at A$0.032 per shares with institutional, Sophisticated, and Offshore investors (placement).
The placement was corner-stoned by several existing foreign and domestic shareholders of the company and will be used to support recently announced distribution deals with iconic pharmacy chain Boots UK (ASX announcement August 21st 2015). The raise was managed by the company with assistance from Baillieu Holst.
The shares issued under placement were issued in accordance with Chapter 7 of the listing Rules and the placement and the placement does not require shareholder approval.
Mr Martin Rogers Chairman participated in the raising to the amount of $100,000 that is subject to shareholder approval.
About: Rhinomed Ltd
Rhinomed Limited (ASX:RNO) is a medical technology firm that focuses on nasal, respiratory and breathing management technologies. The company is monetising its technology portfolio in the Sport and recreation market, Sleep, Wellbeing and Drug delivery markets.
Rhinomed’s technology is designed to radically improve the way you breathe sleep, maintain your health and take medication.
The first product brought to market is the Turbine(TM). A radical nasal technology that improves airflow by an average of 38%, the Turbine(TM) is an internal nasal dilator that has since it’s launch in January 2014 in Australia, grown to be widely adopted by leading cyclists and triathletes globally.
Now shipped to over 36 countries and with a growing global distribution base, the Turbine(TM) is providing all those undertaking aerobic activities with an opportunity to breathe better, perform better and get more enjoyment from their sport and exercise.
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