Wellfully received commitments for a placement to raise AU$100,000

Wellfully Limited (ASX: WFL) announced that it has received commitments for a placement of fully paid ordinary shares in the Company to professional, sophisticated and section 708 exempt investors to raise AU$100,000 (before costs) at AU$0.05 per Share.

Under the Placement, the Company would issue 2,000,000 shares using its existing 15% placement capacity under Listing Rule 7.1.

The proceeds from this Placement would be used to access the growth capital needed to increase the commercial presence across 2,300 chosen points-of-sale with nominated premium beauty retailers, complete the RÉDUIT range across devices, pods as well as improved delivery patches.

Other than this, the fund would help to optimise the manufacturing method plus improve supply-chain arrangement of Swiss well patches to reduce lead times, accelerate production and reduce the manufacturing cost. The fund would also support in the extension of product ranges across joint and tissue pain applications, secure commercial presence, development of existing, and new, industry collaboration projects and general working needs.

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