Biotron (ASX:BIT) raised AU$1.3 million through the completion of its renounceable rights issue, according to a Tuesday filing with the Australian bourse.
The company will issue 424.9 million new fully paid ordinary shares, with AU$668,336 raised from rights taken up and AU$606,253 from shortfall shares, the filing said.
Proceeds will be used to support Biotron's commercialization efforts, as well as general working capital, the filing added.
The new shares will be issued on April 8, the company said.
Mahe Capital was the lead manager and underwriter for the rights issue.
Shares of the company declined 13% in recent Tuesday trade.
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