SYDNEY, Jan. 16,
2023 /PRNewswire/ -- Kazia Therapeutics Limited
(ASX: KZA; NASDAQ: KZIA), an Australian oncology-focused
biotechnology company, is pleased to announce a placement of KZA
shares, to institutional and sophisticated investors in
Australia, at a price of
A$0.11 per share. The placement will
raise A$4.5 million (exclusive of
costs).
Placement
The Placement to professional and sophisticated investors
consists of an:
- A$2,792,572 unconditional
institutional placement of 25,387,018 New Shares, representing
approximately 16% of the total shares of Kazia on issue prior to
the issue of the New Shares; and
- A$1,707,428 institutional
placement of 15,522,075 New Shares, conditional on Kazia
shareholder approval for the purposes of ASX Listing Rule 7.1.
The price of both the Unconditional Placement and the
Conditional Placement will be A$0.11
which represents a 13% premium to the 15-day volume-weighted
average price (VWAP) on the Australian Securities Exchange
(ASX) up to and including 11 January
2023 of A$0.097.
New Shares to be issued under the Unconditional Placement will
be issued without shareholder approval under the Company's existing
placement capacity under ASX Listing Rules 7.1. Settlement and
issuance of shares is expected to occur on or around January 16, 2023, with quotation expected on
January 17, 2023 in Australia. The New Shares will rank equally
with the Company's existing shares on issue.
An Extraordinary General Meeting (EGM) is expected to be
held on 24 February 2023 to seek
approval for the issuance of New Shares under the Conditional
Placement. Kazia will provide eligible shareholders with a notice
of meeting and explanatory materials over the coming days.
The Placement was not underwritten.
Funding will be used to drive Kazia's clinical program toward
several critical inflection points, including the final data read
out on the paxalisib GBM AGILE study.
This announcement may include forward-looking statements,
which can generally be identified as such by the use of words
such as
"may," "will," "estimate," "future," "forward," expect," "anticipate,"
or other similar words. Any statement describing Kazia's future
plans, strategies, intentions, expectations, objectives, goals or
prospects, and other statements that are not historical facts, are
also forward-looking statements, including, but not limited to,
statements regarding the placement of shares and the
company's plans with respect to the proceeds from the
placement. These forward-looking statements are based on
Kazia's expectations and beliefs concerning future events.
Forward-looking statements are necessarily subject to risks,
uncertainties and other factors, many of which are outside the
control of Kazia, which could cause actual results to differ
materially from such statements. These and other risks and
uncertainties are described more fully in Kazia's Annual
Report, filed on Form 20-F with the Securities and Exchange
Commission (SEC), and in other filings with the SEC. Kazia
makes no undertaking to subsequently update or revise the
forward-looking statements made in this announcement, to reflect
the circumstances or events after the date of this announcement.
You should not place undue reliance on these forward-looking
statements, which apply only as of the date of this
announcement.
This release does not constitute an offer to sell, or a
solicitation of an offer to buy, securities in the United States or to U.S. persons (as
defined in Rule 902 under the Securities Act of 1933, as amended
(the Securities Act)), or for the account or benefit of U.S.
persons. The securities referred to in this announcement have not
been registered under the Securities Act, or under the securities
laws of any state or other jurisdiction of the United States. Accordingly, such
securities may not be offered or sold, directly or indirectly, in
the United States or to any U.S.
persons or to any person acting for the account or benefit of a
U.S. person, except in transactions (i) registered under the
Securities Act or (ii) exempt from, or not subject to, the
registration requirements of the Securities Act and any other
applicable securities laws of any state or other jurisdiction of
the United States.
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SOURCE Kazia Therapeutics Limited