GI Dynamics raises A$38.1 million

GI Dynamics Inc. (ASX:GID) raised A$38.1 million ($35 million) through the sale of 71.8 million CHESS Depository Interests (CDIs) at A$0.53 in a private placement. Each CDI represents a fifth of a common share. GI Dynamics said investors also have committed to purchase an additional A$19.4 million ($17.9 million) through the purchase of 36.7 million CDIs that are subject to shareholder approval at a meeting on or around July 29. Including those shares, the total raised by GI Dynamics would be A$57.5 million ($52.9 million). Bell Potter; CIMB Group; Lazard; and SunTrust are placement agents.

GI Dynamics also said it plans to raise up to A$2.5 million ($2.3 million) through the sale of shares to shareholders of record as of July 2. Shareholders will be eligible to purchase up to A$15,000 ($13,791) in new CDIs at A$0.53. GI Dynamics was up A$0.04 to $0.63 on Wednesday. ...