Cellmid Limited (ASX:CDY) has closed its share purchase plan (SPP) announced on July 31, 2018 with an offer price of 38 cents.
The company received applications to the value of $1,025,000 for the issuing of 2,697,377 shares, which is $25,000 over the maximum $1 million originally determined by the board.
Cellmid has approved the oversubscription and there will be no scale back of applications.
The SPP was offered at the same price as the share placement to sophisticated and institutional investors for $9 million, also announced on 31 July 2018.
The funds raised under the SPP and the private placement will be used to drive growth in the consumer health business globally, specifically that of the flagship évolis® product range and the exclusive distribution agreement with Fillerina in Australia and New Zealand.
Cellmid chief executive officer Maria Halasz said: “We thank all participating shareholders and new investors for their support in the capital raising as we continue to advance distribution opportunities for our portfolio of high growth anti-aging consumer health products in major global markets”.
Cellmid recently commenced the instore launch of its anti-aging hair care range, évolis Professional, on August 31, 2018 in Neiman Marcus and Soft Surroundings stores across the U.S.
The in-store launches are being supported by major public relations and social media campaigns in addition to full-day experiential marketing events hosted by each store.
The theme for each of the 16 events will be built around the use of Cellmid’s proprietary évoliscope™ technology, which allows customers to assess their hair health.