Australia's Oncosil Medical falls on discounted placement

Oncosil Medical

29/04/2022 06:42

** Shares of biotech company Oncosil Medical Ltd  OSL.AX 
fall as much as 9.8% pct to A$0.055, their biggest intraday pct
loss since April 14
    ** Co says https://app.sharelinktechnologies.com/announcement/asx/b095c890220ba2e22c486d45a57b2858
 it received commitments for A$4 mln ($2.85 mln) via placement
of about 80 mln shares at A$0.05 per share
    ** Offer price at 18% discount to the last closing price on
April 26
    ** Co to also undertake two new shares for 13 held
non-renounceable entitlement offer to existing shareholders to
raise A$6 mln 
    ** Proceeds to be used to fund clinical trials to expand use
of the Oncosil device and for commercialisation activities
across Europe
    ** Oncosil stock up 35.6% this year, as of last close 

    ($1 = 1.4019 Australian dollars)

 (Reporting by Anan Ashraf)
 ((Anan.Ashraf@thomsonreuters.com;))