CardieX Ltd (ASX:CDX) has completed its share purchase plan (SPP), receiving applications for fully paid ordinary shares from eligible shareholders at an issue price of $0.05 per share in the amount of $3.207 million.
This represents a 220% over-subscription over the target raise of $1 million.
The funds raised under the SPP will be used primarily for working capital purposes and investment into the expansion of product and market development initiatives.
CardieX CEO and managing director Craig Cooper said: “We are very pleased with the support we have received under the SPP which is representative of the confidence that shareholders have in our growth plan and vision for the company.
“This is the most that the company has ever raised under an SPP at a time when innovation and leadership in healthcare and med-tech solutions are required more than ever.
“2021 will be a defining year for us with multiple new products and digital solutions on track for launch during the period.”
In response to the strong demand from shareholders, the company has elected to accept the full $3.207 million of valid applications and not conduct any scale-back.
The allotment and issue of the SPP shares is expected to occur on Tuesday, January 12, 2021.