Argent BioPharma (ASX:RGT) completed a $4.5 million placement via the subscription of about 11.3 million fully paid ordinary shares at $0.40 per share, according to a Tuesday Australian bourse filing.
Participants in the placement will also be issued one free attaching warrant for every two placement shares they subscribe for, which will be exercisable at $0.55 with an expiry date of three years from issuance.
The placement will be conducted in two tranches, with the first tranche of 5 million shares and 2.5 million warrants to be issued immediately under its existing placement capacity. The second tranche comprising 6.2 million placement shares and 3.1 million warrants will be issued subject to shareholder approval at an upcoming general meeting.
Proceeds will be used to advance the company's drug development pipeline, the filing said.
The biopharmaceutical firm is conducting a strategic review of its operational and administrative functions, following a delisting from the London bourse and establishing a work plan toward a listing in the US, the filing added.
The firm's shares rose a little over 47% in recent trading Tuesday.
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