BGT introduced fundraising initiatives, including a September 1, 2023 placement and Share Purchase Plan

Bio-Gene Technology Limited (ASX: BGT) recently unveiled its capital-raising endeavours, which include a placement and Share Purchase Plan (SPP) launched on September 1, 2023. On September 5, 2023, Bio-Gene disclosed that it had garnered commitments amounting to AU$1.4 million through a share placement aimed at sophisticated and professional investors. The Company reports an additional infusion of AU$500,000 into the placement, bringing the total raised through this placement to AU$1.9 million.

The Share Purchase Plan is integral to the capital-raising strategy introduced on September 1, 2023. Eligible shareholders are being offered the opportunity to acquire shares through the SPP at the same price of AU$0.084 (equivalent to 8.4 cents) per share, mirroring the offer extended to sophisticated and professional investors. These funds are earmarked for supporting the production of the FLAVOCIDE® active ingredient and conducting essential studies required for Australia's regulatory approval application process.

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