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Unilife gets SPP applications exceeding A$12.8m

Unilife Corporation has received applications for approximately 15.1 million new CHESS Depositary Interests (CDIs) at an issue price of A$0.85 with a value of approximately A$12.8m.

As reported on 7 December 2010, Unilife offered eligible shareholders with a registered address in Australia or New Zealand the opportunity to subscribe for up to A$15,000 worth of CDIs under the Share Purchase Plan (SPP).

Initially, up to 8,235,294 CDIs were to be issued to raise up to A$7m as disclosed in the company’s 2010 documentation and SPP 15,058,920 CDIs will be issued to raise approximately A$12.8m before costs.

Unilife intends to use the proceeds raised from the SPP for the purchase of additional capital equipment, for general operations including the development of additional pipeline products and supporting the 2011 transition for the company into a commercial manufacturer and supplier of its medical devices to pharmaceutical and healthcare companies.