Eastland Medical Systems raises cash for Medical Industries Australia purchase:
This article was originally published in Clinica
Executive Summary
Eastland Medical Systems has successfully completed its private share placement of 10 million common shares at Aus$0.50 (US$0.33) per share. The placement, led by Intersuisse Corporate, yielded Aus$5m. Aus$4.1m of the proceeds will be put towards the Aus$5.1m purchase of medical technology distributor Medical Industries Australia, as announced in Clinica on September 19. The outstanding Aus$1m will be met by an issue of Perth-based Eastland's shares.