Progen raises A$34.1 million

Progen (ASX:PGL; PGLA) raised A$34.1 million (US$28.7 million) through the sale of 5.9 million shares at A$5.74 in a rights issue underwritten by Bell Potter and Emerging Growth Capital. Existing shareholders, who were eligible to purchase one new share for every nine held, subscribed to 1.1 million shares, while the remaining shares were placed with institutional investors. For every two shares subscribed, shareholders also received a three-year warrant for one share exercisable at A$8.40 per share. ...