Molecular diagnostics company Genera Biosystems (ASX:GBI) has been unable to get anywhere near the $11.3m it was hoping to raise from its recent entitlement offer.
The company told investors late Monday that it had only raised $243,062 – just 2 per cent of the total amount.
It didn’t even meet its minimum subscription target. Genera extended the entitlement offer three times before finally closing it.
Genera’s cash supply is getting low — it had just $53,000 in the bank and $5.1m in full drawn convertible notes and loans at the end of last year.
The company said its share register will keep hold of the current applications for the moment, just in case it can raise the minimum subscription amount by no later than the end of April.
If not, investors will get their cash back.
Stockhead is seeking further comment.
In other corporate news today:
- While it is a little too big for Stockhead we thought it was worth a mention: Australian heavyweight Wesfarmers (ASX:WES) has lobbed a $1.5 billion bid for rare earths miner Lynas Corp (ASX:LYC).
Wesfarmers is willing to pay $2.25 cash per share, which is a nearly 45 per cent premium to Lynas’ closing share price on Monday.
- Junior explorer Anchor Resources (ASX:AHR) is all in favour of the $1.1m off-market takeover offer tabled by China’s Phoenix Bridge International Holdings Group Investment Co earlier this month.
Phoenix has offered 2c per share, which is a 54 per cent premium to Anchor’s recent trading price, with the stock languishing at 1.3c per share.
Anchor has now told shareholders to accept the deal in the absence of superior proposal emerging.
- Southern Cross Exploration (ASX:SXX) has been suspended from the ASX because of its lack of operations.
The company is a major shareholder of junior gold explorer Dateline Resources (ASX:DTR), with a 34.65 per cent stake, and it has a 6.8 per cent stake in a uranium project in the Northern Territory.
The company needs to re-comply with the listing rules to be reinstated to trading.