Zimi to Raise AU$1.4 Million Via Share Placement

MT Newswires Live

07/04

Zimi (ASX:ZMM) received firm commitments to raise around AU$1.4 million through the issue of 240.5 million shares to institutional and sophisticated investors at AU$0.006 each, according to a Friday filing with the Australian bourse.

The issue price represents a 25% discount to the company's last trading price, the filing said.

Proceeds will be used to fund manufacturing costs, new product research and development, the filing added.

Cerberus Investments acted as lead manager for the placement.

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