by Finance News Network May 26, 2026 10:38 AM
Bio-Gene Technology Limited (ASX:BGT) has announced it will raise a total of $3.21 million through a combination of a placement to professional and sophisticated investors and a partially underwritten Share Purchase Plan (SPP). Bio-Gene Technology Limited is an Australian company developing novel bio-insecticides to address the global challenges of insecticide resistance. Its unique products are based on a naturally occurring class of compounds designed to overcome insecticide resistance and control pests with minimal environmental impact. The capital injection will support critical regulatory studies for its Flavocide® product and expand Qcide® production for commercial partners.
The Placement component has secured binding commitments for approximately $2.71 million. Shares were issued at $0.025 each, a 13.79% discount to the last closing price. The Placement will occur in two tranches: approximately $1.9 million is expected to be allotted on 2 June 2026, with a further $0.8 million conditional on shareholder approval at an EGM by 31 July 2026. Participants in the Placement will also receive one free attaching unlisted option for every two shares, exercisable at $0.035 and expiring on 15 October 2027, subject to shareholder approval.
Complementing the Placement, an SPP will be offered to eligible Bio-Gene shareholders, enabling them to subscribe for up to $15,000 in fully paid ordinary shares at the same price of $0.025 per share, free of brokerage fees. The SPP is partially underwritten to $500,000. SPP shares will also include one free attaching option for every two shares, as outlined in an Options Prospectus. Bio-Gene’s Managing Director & CEO, Tim Grogan, noted the funds are vital for Flavocide® regulatory approval studies in Australia, increasing Qcide® production, and supporting partner product development.
This funding is crucial for accelerating the commercialisation of Flavocide and Qcide, marking a significant step towards key regulatory milestones and expanded product supply. The SPP is expected to commence on 2 June 2026 and close on 19 June 2026.
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