12 February 2018
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
− Invion announces fully underwritten non-renounceable rights issue to raise approximately $2.5 million before costs
− Rights Issue forms part of the strategic transaction with The Cho Group announced on 31 August 2017 and approved by Invion shareholders at the AGM held 30 November 2017
− The offer price of $0.002 was determined based on the market price of Invion shares in the 10 trading days prior to the original announcement of the transaction on 31 August 2017, and represents a discount of:
90.93% to the theoretical ex-rights price of $0.022;
92.85% to the last traded price of Invion shares on 9 February 2018 of $0.028; and
91.11% to the 5 day volume weighted average price as at 9 February 2018.
Invion Limited ACN 094 730 417 (Invion or Company) is pleased to announce that it is undertaking a 8 for 27 non-renounceable pro-rata entitlement offer (Entitlement Offer) to raise approximately $2.5 million, before offer costs and expenses.
As approved by shareholders at Invion’s Annual General Meeting held on 30 November 2017, the Offer is fully underwritten by The Cho Group Limited. The proceeds of the Offer will provide funds for general working capital and to fund the repayment of debt.
Details of the Entitlement Offer
The Entitlement Offer is being made without a prospectus or product disclosure document in accordance with section 708AA of the Corporations Act 2001 (Cth) (Corporations Act) as modified by ASIC Corporations (Non-Traditional Rights Issues) Instrument 2016/84.
Shareholders who are eligible to participate in the Entitlement Offer are those persons who:
• are registered as a holder of fully paid ordinary shares in the Company as at 7.00pm (AEDT) on Thursday, 15 February 2018 (Record Date);
• have a registered address on the Invion’s share register that is in Australia, New Zealand, Singapore or Hong Kong to the extent Invion can make the offer in those jurisdictions in accordance with applicable securities laws;
• are not in the United States and are not acting for the account or benefit of a person in the United States with respect to their shares in Invion (to the extent such person holds Invion’s shares for the account or benefit of such person in the United States); and
• are eligible under all applicable securities laws to receive an offer under the Entitlement Offer without any requirement for a prospectus or offer document to be lodged or registered,
