The Directors of KarmelSonix Ltd (the Company or KSX) are pleased to announce the successful placement of new Ordinary Shares and Options to professional and sophisticated investors raising approximately $4.5 million. The new Shares will be issued at a price of 4.0 cents per Share with a 1:2 attaching Option exercisable at 7.0c per Option. The Options have an expiry date of 31st July 2011.
Of the total new shares to be issued 100.0 million will be issued under the approval received at the Company’s AGM held on 12th November, 2009 with the balance being issued under the 15% rule.
It is expected that the new Ordinary Shares and Options will be issued by the end of this week with trading of the new Ordinary Shares expected by the start of next week. Trading in the new Options will be dependent on satisfying the spread requirements for this class of securities and being admitted to the Official List by ASX.