IDT Australia Limited (ASX: $IDT) Entitlement Offer Announcement

IDT Australia Limited (ASX: $IDT) has announced a fully underwritten pro-rata non-renounceable entitlement offer of fully paid ordinary shares to eligible shareholders, aiming to raise approximately $7 million. The Entitlement Offer is lead managed and underwritten by Taylor Collison Limited. The funds raised will be utilized for capital expenditure related to current and potential future works in the mRNA therapeutics including Sanofi Australia, enhancing IDT's capabilities in Antibody Drug Conjugate, and general working capital.

Executive Commentary on Entitlement Offer

IDT's Chair, Mark Simari, stated, 'The Company has made significant progress over the past year through securing a number of international and Australian commercial contracts, including Sanofi Australia, and is continuing to build a diverse client portfolio, whilst driving profitability as the business scales. The capital raising helps strengthen the Company's balance sheet and will provide IDT with the financial capacity to achieve its expected pipeline of work and growth objectives.'

Summary of IDT's Entitlement Offer

IDT Australia Limited (ASX: $IDT) has announced an entitlement offer to raise approximately $7 million, which is fully underwritten. The funds raised will be used to support capital expenditure for current and potential future works in the mRNA therapeutics including Sanofi Australia, enhancing IDT's capabilities in Antibody Drug Conjugate, and general working capital. The issue price of $0.09 per New Share represents discounts to various benchmarks. IDT's Chair, Mark Simari, highlighted the Company's progress and the capital raising's role in strengthening the balance sheet to achieve growth objectives. The Company also received a non-binding indicative proposal from Myndbio Pty Ltd for a potential acquisition, subject to conditions. IDT advises that shareholders do not need to take any action at this time. Further details regarding the Entitlement Offer will be provided in the Entitlement Offer Booklet to be released on or about 13 June 2024.