The underwriter for a preference share issue by Blis Technologies has bought half the three million shares the Dunedin biotechnology company had on offer.
The move meant Blis reached its target of raising $3 million. Edinburgh Equity Nominee, a vehicle for Otago businessmen Eion Edgar and Tony Offen, was allotted 1,560,499 $1 preference shares and shareholders 1,439,501 shares.
Edinburgh has an option to buy an additional one million preference shares within a year.
ABN AMRO Craigs client adviser Peter McIntyre said Edinburgh had "stepped up to the plate" because the company could only go back to shareholders for extra capital so many times.
Blis chief executive Barry Richardson said he was pleased to get shareholder support. The funds would be used to implement its strategy of commercialising its products in New Zealand and selected overseas markets.
Blis shares were yesterday listed on the NZX at 4c.
Scott Technology has advised the New Zealand Stock Exchange it was offering ordinary shares to its staff.
Chairman Stuart McLauchlan said the offer was for a small number of shares and an extension of an existing staff share issue which was designed to enhance staff loyalty and ownership of the company rather than capital raising.
"It is very much for staff only and for them to be part of the company," he said in an interview.
