Business
Benitec Biopharma Limited Announces US$2.25 Million Registered Direct Offering
NEW YORK and MELBOURNE, Australia, Sept. 30, 2019 /PRNewswire/ -- Benitec Biopharma Limited (ASX:BLT; NASDAQ:BNTC; NASDAQ:BNTCW) ("Benitec" or the "Company")
About this update from Benitec Biopharma Inc.
[{"type":"text","content":"NEW YORK and MELBOURNE, Australia, Sept. 30, 2019 /PRNewswire/ -- Benitec Biopharma Limited (ASX:BLT; NASDAQ:BNTC; NASDAQ:BNTCW) (\"Benitec\" or the \"Company\") announces it has entered into a securities purchase agreement (\"SPA\") with certain sophisticated and professional investors in the United States (\"Investors\") to issue 2,800,000 American Depositary Shares (\"ADSs\"), with each ADS representing 20 fully paid ordinary shares, at a purchase price of US$0.70 per ADS, in a registered direct offering. The Investors will also be issued warrants to purchase up to 412,863 ADSs in aggregate, at a purchase price per warrant equal to US$0.6999 per ADS to be issued on exercise of the warrant (\"Pre-Funded Warrants\"). The Pre-Funded Warrants may be exercised at any time from issue, in whole or in part, at an exercise price of US$0.0001 per ADS issued on exercise (subject to certain adjustments), provided that the beneficial ownership of the relevant Investor in the total number of ADSs on issue may not exceed 9.99%. The Pre-Funded Warrants do not expire.\nThe issue of the ADSs and Pre-Funded Warrants will raise gross proceeds of approximately US$2.25 million (approximately A$3.33 million)1 exclusive of costs. The ADSs (and the underlying ordinary shares) and Pre-Funded Warrants will be issued without shareholder approval under the Company's existing placement capacity under ASX Listing Rules 7.1 and 7.1A.\nIn a concurrent private placement, the Company has also agreed to issue additional warrants to the Investors to purchase up to a further 3,212,864 ADSs in aggregate (\"Purchase Warrants\"). The issue of the Purchase Warrants is subject to shareholder approval. If approved by shareholders, the Purchase Warrants will be issued for nil consideration, will have an exercise price of US$0.70 per ADS and will expire in five years from the date of issuance.\nBenitec intends to use the net proceeds from this offering for product development and general corporate purposes. The ADSs will be listed on the Nasdaq Capital Market under the symbol BNTC. \nLadenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc., (NYSE American: LTS) is acting as exclusive placement agent for the registered direct offering and concurrent private placement.\nThe registered direct offering is expected to close on or about Sep...