Clearbridge Health raises $1.98m from 990 million placement shares

Proceeds will be used for working capital and immediate business needs.

Clearbridge Health Limited raised gross proceeds of $1.98m from the placement of 990 million new ordinary shares at an issue price of $0.002 per placement share.

The group said that gross proceeds from the placement will be used for general working capital purposes, to address immediate business needs, and to maintain competitiveness.

Following the completion of the placement, Clearbridge Health said that it is now entirely equity-financed. The total number of issued shares of the Company has increased from 3.305 billion shares to 4.295 billion shares.

According to its bourse filing, the placement drew strong interest from notable investors, including prominent funds Asdew Acquisitions and Azure Capital, as well as veteran investor Ramesh Chandiramani.

Clearbridge Health also disclosed that some of the newly raised funds will be used for the creation of adult immune cellular banking and the proposed acquisition of Elpis Biopharmaceuticals.

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