EBR Systems (ASX:EBR) received firm commitments for a fully underwritten institutional placement to raise AU$55.9 million, according to a Thursday Australian bourse filing.
The company plans to issue 55.9 million new CHESS depositary interests (CDIs) under the placement at AU$1 per CDI.
The firm expects the ASX to shortly lift the trading halt and its CDIs to restart trading, as a result of the placement.
It will use the proceeds to support commercialization activities, with a particular focus on scaling up manufacturing and sales force capabilities.
Existing securityholders of the firm and new domestic and international securityholders participated in the placement.
The company plans to conduct a non-underwritten security purchase plan for the eligible securityholders of EBR to raise around an additional AU$6 million, the filing said.
The company's shares tumbled almost 14% in recent Thursday trade.
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