Molecular diagnostics company Genetic Signatures Ltd (ASX: GSS) is pleased to announce that it has successfully completed its share purchase plan offer (SPP Offer).
When the share purchase plan (SPP) was announced on 2 September 2016, it was anticipated that the proceeds of the SPP would be capped at $1 million.
The SPP Offer closed on 23 September 2016 with greater than anticipated interest, which has resulted in the Company receiving applications to participate in the SPP from eligible shareholders that exceeded this proposed cap.
Rather than scale-back applications, the Company has determined to accept all valid applications from eligible shareholders. This has resulted in the Company accepting SPP applications for a total of 2,166,962 shares in the amount of $1,018,504.
Complying with the originally anticipated cap would have resulted in the Company either rejecting a small number of valid applications or refunding a small amount to all applicants, depending on how the Company exercised its discretion to scale-back applications.
The new GSS shares are expected to be allotted on 6 October 2016 and holding statements are expected to be despatched to participating shareholders on 7 October 2016. The new GSS shares are expected to be quoted on ASX on 10 October 2016.