Cellmid directors show faith in the company by participating in share placement

Cellmid Limited's (ASX:CDY) directors have demonstrated their faith in the company's strategy by participating in a recent share purchase plan (SPP).

The share purchase plan (SPP) was closed on October 14 after raising $1.044 million, well in excess of the $500,000 originally targeted by the board.

The SPP at 20 cents per share followed a placement to sophisticated and institutional investors which raised $1.5 million.

Change of directors interest

Chairman David King acquired 300,000 fully paid ordinary shares valued at $60,000, bringing the total number held in an indirect interest to 1.4 million while he also holds another 300,000 in a direct interest.

Non-executive director Bruce Gordon acquired 50,000 shares valued at $10,000, increasing his total number of securities to 160,000 in an indirect interest.

Fellow non-executive director Dr Martin Cross acquired 150,000 shares valued at $30,000 and he now holds 325,000 shares in an indirect interest.

In the SPP, CellmRead More – Source

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