Zoono Group Limited (ASX: $ZNO) share placement and rights issue announcement

Zoono Group Limited (ASX: $ZNO) has successfully completed a share placement, raising $281,687 through the issuance of 10,432,887 fully paid ordinary shares at 2.7c per share. The placement was undertaken to provide the company with additional working capital. Additionally, Zoono intends to conduct a non-renounceable rights issue in the first quarter of 2024, offering eligible shareholders the opportunity to subscribe for further shares at the same price as the placement, aiming to raise up to $1.8M before costs.

Zoono Group Limited (ASX: $ZNO) executive commentary on share placement and rights issue

The use of the funds raised from the rights issue will primarily focus on retiring existing related party debt and funding various company initiatives planned for 2024. These initiatives include the completion of the supermarket shelf-life extension project, expansion into India and China, and further penetration into the USA market after gaining the List N registration. Shareholders with a registered address in Australia or New Zealand who hold ordinary shares in the company at the Record Date will be eligible to participate in the rights issue. The Managing Director, Mr Paul Hyslop, and other Directors intend to take up their full entitlements, demonstrating their confidence in the company's future.

Summary of Zoono Group Limited (ASX: $ZNO) share placement and rights issue

Zoono Group Limited (ASX: $ZNO) has successfully completed a share placement to raise $281,687 and plans to conduct a non-renounceable rights issue in the first quarter of 2024, aiming to raise up to $1.8M before costs. The funds raised will be utilized to retire existing related party debt and support various company initiatives planned for 2024, including the completion of the supermarket shelf-life extension project, expansion into India and China, and further penetration into the USA market after gaining the List N registration. Shareholders with a registered address in Australia or New Zealand who hold ordinary shares in the company at the Record Date will have the opportunity to participate in the rights issue. The company's mission to improve health and well-being through innovative, safe, non-toxic, and durable germ protection underpins its strategic initiatives and future outlook.