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Biolidics reallocates $670,000 of rights issue proceeds to Biomedics Lab acquisition

Bryan Wu
Bryan Wu • 1 min read
Biolidics reallocates $670,000 of rights issue proceeds to Biomedics Lab acquisition
The proceeds from the rights issue was originally intended to be used for the company’s working capital purposes.
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Biolidics 8YY -

has announced that it has entered into a second deed of partial settlement with Clearbridge BSA in relation to its acquisition of the entire issued and paid-up share capital of Biomedics Laboratory.

Consequently, the company also announced that it had reallocated $670,000 of the proceeds from its November 2022 rights issue to be used towards the repayment of bank borrowings and the deferred consideration of some $2.14 million owed to Clearbridge BSA.

The proceeds from the rights issue was originally intended to be used for the company’s working capital purposes. However, Biolidics’ board of directors says the reallocation will enable the group to meet its debt obligations on a timely basis.

On Nov 23, Biolidics partially settled $800,000 of the deferred consideration by way of cash  using the net proceeds reallocated from the rights issue proceeds.

The outstanding figure of some $1.34 million will be payable to Clearbridge BSA within two days of receiving the proceeds from Zhu Hua’s proposed subscription of 98,500,000 new Biolidics shares.

Shares in Biolidics closed flat at 1.3 cents on Nov 23.

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