Blis announced in mid-October it was targeting $3.5 million to $4.5 million from a shareholder purchase plan to progress product sales to Asian markets and offset further short-term financial losses.
In September Blis raised $2.13 million from private placements, in October it raised $100,000, then in November $1.39 million was raised from a shareholder purchase plan; totalling $3.62 million.
Shareholders had endorsed the placement of up to 300 million shares, at 1c per share, to parties which included the major shareholder Edinburgh Equity Nominees Ltd, and new investors Asian Pacific Partners Ltd and NZPR Group.
In a market update yesterday, Blis said 247 shareholders participated in the share purchase plan and it had raised $1.39 million, issuing 139.1 million fully paid ordinary shares at 1c each.
Craigs Investments Partners broker Peter McIntyre said while not gaining the targeted capital injection, Blis was likely to be ''quietly happy'' with the cash raised, which should underpin its operations for at least another year.
Blis, which opened a new plant in Dunedin last month, manufacturers oral probiotic bacteria that can be added to dairy products for sale to niche human health markets. Blis supplies ingredients, via a global distributer, to manufacturers and marketers in North America, Asia and Europe.
The company last month said retail business was being broadened with Blis oral probiotic lozenge formulations marketed in Asia/Pacific and Europe, plus being supplied to other companies for rebranded selling. In May Blis posted its 12th loss in a row since listing in 2001, its accumulated losses since then estimated at $29.3 million. Its guidance says it expects to book a loss this financial year, too.
- This article was revised on November 12
