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Private placement sees Tekcapital hold 39pc of Belluscura
Intellectual property investment group Tekcapital announced on Wednesday that Belluscura has concluded a private placement to raise approximately $1.33m through Dowgate Capital Stockbrokers, and converted loans equal to approximately $0.27m to equity under the same terms as the private placement.
The AIM-traded company said it invested $0.25m in the private placement and converted loans to Belluscura of $0.21m to equity.
As a result, Tekcapital's ownership interest in Belluscura was now 8,129,488 shares, representing approximately 39% of the issued share capital.
Under the terms of the private placement, Tekcapital was issued with a three-year warrant to purchase 1,273,078 new shares in Belluscura at 13p per share.
This Private Placement was priced at 18 cents (13p) per share, giving Belluscura a post-money valuation of approximately $3.7m.
Belluscura said it would extend the private placement for an additional 90 days to enable current shareholders and additional investors to participate.
"Belluscura was established in the UK in December 2015 to provide premium proprietary medical devices at affordable prices," Tekcapital's board explained.
The company had already launched three products with two more products in development.
Tekcapital said the proceeds of the private placement would be used for further investment in Belluscura's products in development, specifically the 'CURV' oxygen concentrator and 'Snap III' level of consciousness monitor, and for general working capital purposes.
"We are very pleased to announce this private placement," said Belluscura CEO Bob Rauker.
"The funds will allow Belluscura to continue with its mission to provide premium, proprietary medical devices at affordable prices."