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SKIN ELEMENTS LIMITED — Capital/Financing Update 2020
Mar 16, 2020
65803_rns_2020-03-16_bcfd1e09-e32f-499b-834d-94a47d0afa6b.pdf
Capital/Financing Update
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17 March 2020
Entitlement Issue Shortfall Notice
Australian natural skin care company Skin Elements Limited (ASX: SKN) (Skin Elements, the Company) is pleased to advise that the non-renounceable entitlement offer announced on 21 January 2020 and pursuant to an Entitlement Offer prospectus lodged on 5 February 2020, closed the issue on Tuesday 10 March 2020.
The Entitlement Offer is a fully underwritten non-renounceable pro-rate rights issue to existing shareholders at an issue price of $0.01 per new share on the basis of five new shares for every nine existing ordinary shares held (Entitlement Offer). Shareholders also receive one new free option for every three new shares issued, exercisable at $0.03 each expiring on 31 December 2020.
Under the Entitlement Offer, 100,479,822 shares and 33,493,274 options will be issued to raise $1,004,798.
The results of the Entitlement Offer are as follows:
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----- Start of picture text ----- $ Shares OptionsTotal number of new securities offered $1,004,798 100,479,822 33,493,274Number of new securities underwritten $1,004,798 100,479,822 33,493,274Number of new entitlement securities $513,595 51,359,536 17,119,845applied forNumber of shortfall securities applied $491,203 49,120,286 16,373,429forShortfall securities to be placed with the $0 0 0Underwriter----- End of picture text -----
There are no shortfall shares or attaching options placed with the Underwriter, State Securities Pty Ltd, in accordance with the Underwriting Agreement disclosed in the Entitlement Offer document.
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The Company has notified the Underwriter of the Entitlement Shortfall and it is expected that the new securities will be issued and statements dispatched by 18 March 2020.
This announcement has been authorised by the Board of Directors.
END
Peter Malone Media and Investor Inquiries Executive Chairman James Moses Skin Elements Limited Mandate Corporate T: +61 439 430 770 T: +61 420 991 574 E: [email protected] E: [email protected]
About Skin Elements
Skin Elements is an ASX-listed skin care company focused on the development of natural and organic skin care products, as an alternative to current chemical-based products. It has developed a portfolio of products which includes, the Soléo Organics 100% natural and organic sunscreen, pawpaw based PapayaActivs natural therapeutic skincare, the Elizabeth Jane Natural Cosmetics brand, and the Invisi Shield skincare range. The Company has completed a highly successful test marketing phase in major international markets for Soléo Organics and has regulatory approval with the USA FDA, TGA and other significant regulators. Skin Elements aims to become the number one recognised national and international sunscreen brand.
Further information is available via the Company website: http://skinelementslimited.com
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