Nanoveu placement improves company’s financial position leading into 2021

Nanoveu Ltd (ASX:NVU) has received firm commitments from sophisticated and professional investors to raise $660,000, before costs, through the issue of 13.2 million fully paid ordinary shares. Shares will be issued at 5 cents per share, which meets the requirements of Listing Rule 7.1A.3, being more than 75% of the 15-day volume-weighted average price of the company’s shares traded on ASX. Placement funds raised will be used for inventory build and working capital. “Maintaining momentum” Nanoveu executive chairman and CEO Alfred Chong said: “Nanoveu has made major strides to accelerate growth throughout 2020 and this placement firms up the company’s position to maintain momentum into the new year. “The placement represents prudent capital management, firming up the company’s balance sheet during a period of buoyancy in financial markets, ensuring the company is able to fully focus on securing further international distribution agreements for our antiviral products, as well as conducting further development of the EyeFyx prototype.” Placement details EverBlu Capital Pty Ltd acted as lead manager to the placement. The company expects to issue the shares and options on Thursday, December 17, 2020. Nanoveu is a developing a range of antiviral products for mobile phones and other digital displays. The flagship product is its Nanoshield antiviral protection which is available in a variety of mobile phone screen covers, mobile phone cases and as a commercial film capable of being applied to a number of surfaces.