Link: https://links.sgx.com/1.0.0/corporate-announcements/NL0H5QQ134Z4GDFJ/97349718917aba971e3a0f70777ac6f1aeea5b88a9c4e907de2eec8aefc70193

Summary:

• Completed a placement of 990,000,000 new shares at S$0.002 each, raising S$1,980,000, fully taken up by investors including Asdew Acquisitions, Azure Capital, and Ramesh Chandiramani.

• Issued 659,999,996 free warrants (two for every three placement shares).

• Proceeds mainly for general working capital, immediate business needs, and new business opportunities aligned with strategic goals.

• Placement follows balance sheet recapitalisation, elimination of all bank debt, and conversion of S$3.5 million convertible bonds to equity, including those held by the CEO.

• Company is now debt-free and fully equity financed, creating flexibility for future investments.

• Number of issued shares increased to 4,295,820,825 after the placement.

• Proceeds will also support the creation of an adult immune cell banking business and the proposed acquisition of Elpis Biopharmaceuticals (indicative value: US$330 million).

• The Elpis acquisition will expand Clearbridge’s capabilities in the high-growth oncology market, moving the group further up the value chain.

• Proposed acquisition to be settled with new shares, subject to a moratorium of up to 36 months.

• UOB Kay Hian Private Limited acted as the placement agent.