Ion Video (ASX:IOV) received firm commitments to raise AU$4.3 million through the issue of 7.6 million shares at AU$0.40 apiece, according to a Wednesday filing with the Australian bourse.
The placement also includes a one-for-two free-attaching option with an exercise price of $1 and expiring on Sept. 30, 2027, the filing said.
Proceeds will be used to advance the strategic validation program for the company's technology suite, per the filing.
Shares rose nearly 19% in midday trade Wednesday.
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