Radiopharm Theranostics Secures Nearly AU$13 Million Through Dual Institutional Capital Raise
Radiopharm Theranostics (ASX:RAD) secured firm commitments to raise around AU$12.5 million through a two-part institutional capital raising, comprising an Australian placement and a US direct registered offering, according to an Australian bourse filing on July 24 after market hours.The company will issue 448.8 million new shares at AU$0.015 each in a two-tranche placement to raise AU$6.7 million in the Australian placement, alongside a $4.1 million US registered offering of 1.3 million American depositary shares (ADS), representing 384.5 million underlying ordinary shares, priced at $3.16 per ADS, per the filing.Tranche one consists of 408.8 million shares issued under the company's existing placement capacity and is expected to settle around Aug. 3, while tranche two, comprising 40 million shares and accompanying options, remains subject to shareholder approval at an extraordinary general meeting expected around Sept. 11, the filing said.The company will also launch a share purchase plan (SPP) to raise up to AU$6 million, allowing eligible Australian and New Zealand shareholders on record as of July 23 to apply for up to AU$100,000 in new shares, subject to shareholder approval.Australian placement and SPP participants are expected to receive one free listed option for each new share, exercisable at AU$0.018 until July 31, 2029, while US investors will receive one unlisted ADR warrant for each ADS at an exercise price of $3.79 per ADS, with the same expiry date.The proceeds from the offer will be used to prepare for and start the registrational phase three study of RAD101; complete the dose escalation phase of RAD204; advance the RAD202, RAD402, and RV01 therapeutic programs; and support ongoing strategic partnering initiatives, the filing added.
