Bod Australia received commitments to raise AU$1.5 million

Bod Australia Limited (ASX: BOD) announced that it had received firm commitments from institutional and sophisticated investors to raise AU$1.5 million. The placement includes the issue of approx. 18.75 million fully paid ordinary shares at an issue price of AU$0.08 per new share.

In conjunction with the placement, the company also announced an Entitlements Offer to its previous shareholders on a 4:17 basis, potentially raising approx. AU$2.0 million and result in the issue of up to 24.9 million Shares at the Offer Price. The proceeds from both the placement and entitlement offer will be used to partly fund the purchase of ‘Aqua Phase’, which has the potential to provide a cannabis complex for consumers which is soluble, tasteless, colorless, and odorless.

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