Pacific Edge finalises NZ$36.1M capital raising

Cancer diagnostics company Pacific Edge (ASX:PEB) has finalised a NZ$36.1 million capital raising campaign after its retail offer closed oversubscribed.

The Dunedin-based firm initially confirmed a NZ$31.4 million capital raising on May 13, which featured a NZ$25.4 million institutional placement and a NZ$6 million retail offer priced at NZ$0.17 per share.

Following overwhelming demand that generated NZ$46 million in total applications by the 28 May closing date, company directors exercised their discretion to accept NZ$4.7 million in oversubscriptions.

The expansion lifted the total retail offer capital to NZ$10.7 million, ensuring the vast majority of eligible retail applicants retained their relative pre-capital raising shareholdings.

Under this retail segment, 62,703,746 new ordinary shares will be issued, with NZ$10.2 million structured under share purchase plan rules and the remaining NZ$0.5 million utilising the company’s placement capacity.

Pacific Edge confirmed that the allotment, confirmation despatch, and NZX trading commencement for these new shares are scheduled for June 4, while any surplus application refunds will be processed within five business days of settlement.

Chairman Simon Flood stated that the capital injection places Pacific Edge in a strong strategic position.

He emphasised that the long-term global opportunities for the company’s flagship Cxbladder diagnostic product have been reinforced by the quality of its clinical evidence and the support shown by both existing institutional and retail shareholders.