News & Events

Sunshine Heart, Inc. (ASX: SHC) is pleased to announce the successful completion of a private placement to sophisticated and institutional investors in Australia to raise $1.75 million, being 15% of issued capital and the maximum amount which could be raised by the company through the placement without shareholder approval.

Sunshine Heart placed 43,758,664 fully paid ordinary shares in the company at an issue price of $0.04 per share to raise gross proceeds of $1.75 million.

In addition to the placement, Sunshine Heart intends to offer eligible Sunshine Heart shareholders the opportunity to participate in a non-renounceable rights issue to acquire 3 new shares for every 5 shares held, to be issued at the same price as the placement, being $0.04 per share, to raise up to an additional $8.1 million.

Commitments to participate in the rights issue of approximately $4.65 million have been received from existing shareholders, which, combined with the placement proceeds will enable the company to raise a minimum $6.4 million through the placement and rights issue. This includes a commitment from cornerstone shareholders CM Capital and GBS Venture Partners to each subscribe for their entitlement, together amounting to approximately $4.2 million.

The terms and conditions of the rights issue, along with the key dates for participants will be announced in due course.

The funds raised by the placement and rights issue will primarily be used by the company to complete the company's US Food and Drug Administration (FDA) 20 patient clinical trial of C-Pulse^TM, conduct patient follow-up and to prepare for the CE Mark application.

ABN Amro Morgans Corporate Limited is Lead Manager to the placement and the rights issue.