Genetic Technologies Limited (ASX: $GTG) has announced a non-renounceable pro-rata entitlement offer to eligible shareholders, aiming to raise a minimum of $2 million and up to a maximum of $3.88 million before costs. The offer includes the opportunity to subscribe for up to 96,944,831 new shares at an issue price of $0.04 per new share, along with 1 new option for every new share issued under the offer. The company has also reserved the right to place any remaining shortfall under the entitlement offer. The prospectus containing detailed information on the offer has been lodged with ASIC and ASX and is available on the ASX website or the company's website.
The company is pleased to offer eligible shareholders the opportunity to participate in the non-renounceable entitlement offer, which is a strategic step towards raising necessary funds for working capital and transitioning to a leaner capital light operations structure. The offer, underpinned by the prospectus, provides a transparent mechanism for shareholders to consider their entitlements, apply for additional securities, and contribute to the company's future growth. We believe that this offer aligns with our corporate strategy and will support our ongoing initiatives.
Genetic Technologies Limited (GTG) has initiated a non-renounceable entitlement offer to raise funds for working capital and transition to a leaner capital light operations structure. The offer, detailed in the lodged prospectus, aims to raise a minimum of $2 million and up to a maximum of $3.88 million before costs. Eligible shareholders are provided with the opportunity to subscribe for new shares at an issue price of $0.04 per share, along with 1 new option for every new share issued. The company has also reserved the right to place any remaining shortfall under the entitlement offer. The offer is non-renounceable, and there are no cooling off rights for the investment in new shares. The company's strategic focus on raising necessary funds and transitioning to a leaner capital light operations structure underscores its commitment to sustainable growth and financial prudence.