Skin Elements Secures $900k Placement
Key points
- Secured $900k placement from sophisticated investors
- Funds to support existing product programs
- Shares issued at a 25% discount to last close price
- New non-executive chairman appointed
Full summary
Skin Elements Limited (ASX: SKN) has announced a successful placement of fully paid ordinary shares, securing A$900,000 before costs. The placement, aimed at sophisticated and professional investors, will strengthen the company's balance sheet and working capital. The funds will support ongoing projects, including the ECO Nurture natural plant bio-stimulant, SuprCuvr disinfectant, Soleo Organics sunscreen, and PapayaActivs skincare range. Additionally, Roderick Nicholas has been appointed as the non-executive chairman, and the company has reduced the annual base fee for non-executive directors.
Guidance
Raised $900k through placement of shares
Outlook
The raised funds will support the advancement of the company's project programs and strengthen the balance sheet.
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