Zoono Group Limited (ASX: $ZNO) has announced a proposed non-renounceable rights issue to shareholders at $0.027 per share, aiming to raise up to $2.9M before costs. The rights issue offers all eligible shareholders the opportunity to subscribe for further shares in the company at the same price as offered in the December Placement. Evolution Capital Pty Ltd has agreed to act as lead manager for the offer and partially underwrite acceptances under the offer up to approximately 53M shares.
The company is pleased to have Evolution Capital as the lead manager for the rights issue and appreciates their agreement to partially underwrite acceptances under the offer. This underwriting provides additional support for the rights issue and demonstrates confidence in the company's growth prospects. We are also encouraged by OSY Group's commitment to sub-underwrite acceptances of 20M shares under the offer, further strengthening our partnership with them.
Zoono Group Limited (ASX: $ZNO) has announced a non-renounceable rights issue to raise up to $2.9M before costs. Evolution Capital Pty Ltd has agreed to act as lead manager for the offer and partially underwrite acceptances under the offer up to approximately 53M shares. The underwriting agreement with Evolution Capital includes conditions related to shareholder subscriptions and provides for payment of a monthly retainer and underwriting fee. OSY Group Limited has also agreed to sub-underwrite acceptances of 20M shares under the offer. The company sees this as a positive step in strengthening its partnership with OSY Group. Zoono Group Limited aims to use the proceeds from the rights issue to fund growth and strengthen its capital base, furthering its mission to improve health and well-being through innovative, safe, non-toxic, and durable germ protection.