An announcement was made today by Race Oncology Limited regarding the completion of 1.45 million dollars placement which was led by the renowned biotech investor ‘Doctor Daniel Tillett’.
The placement constituted of 21.9M new ordinary shares which were issued at a price of 6.6 cents per share.
A 10% premium was represented by the issue price over the monthly volume-weighted average share price and exceed the previous close on August 15, 2019. There was a complete subscription of the placement.
The placement was anchored by the Chief Executive Officer, as well as, founder of Nucleics which is a Sydney-based technology company, Dr. Daniel Tillett. 8.5 million shares which are equivalent to worth $561,000 were acquired by Tillett under the 10% placement capacity of RACE.
Doctor Tillett passed a statement which said that he had done investigation on numerous biotechnology firms which are public in Australia and he found at that RACE was the most leading one as the company which had the most potential, as well as, an upside. He added that he was pleased to become part of the firm and was looking forward to teaming up with the best workers.
It is being expected that Doctor Tillett will give joining at the board of RACE upon the completion of the placement.
Three directors who are currently employed at RAC are also making an investment of 375,000 dollars in the Placement, inclusive of the heavy investment of 250,000 dollars from Doctor John Cullity.
Other than this, the current shareholders of RAC also made an investment of 510,000 dollars which consisted of shares of worth 330,000 dollars (5M shares) under the 15% capacity of the firm. Another investment of worth 180,000 dollars was done (2.7M shares) which is subject to the approval of the shareholder.