• 1 for 5 non-renounceable rights entitlement issue to raise $514k
• Funds to be used for business development, sales, production, and working capital
• Court orders for appointment of auditors and cleansing notices

Skin Elements Limited (ASX: SKN), an Australian natural biotechnology company, announced that it will raise funds pursuant to a 1 for 5 non-renounceable rights entitlement issue at a price of $0.003 per new share, together with 1 attaching new option (exercise price $0.01, expiring three years from the date of issue) for every new share issued. The offer will raise $513,692 before costs. The funds raised will be applied towards the costs of the offer, business development, sales and marketing, production and operations, as well as working capital to cover the company's ongoing operational costs. The entitlement issue is not underwritten, and the company will consider additional applications for shortfall entitlements not taken up and any applications that result in over-subscriptions. The directors have advised the company that they intend to take up their entitlements in full. The company also confirmed that it has been granted court orders in relation to the company's failure to appoint its auditor and lodgement of cleansing notices by the company which failed to refer to compliance with section 674A of the Corporations Act. The court orders declare the appointment of BDO Audit Pty Ltd as auditor of the company and the notices given under section 708A(5)(e) of the Act are not invalid.