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Fluorotechnics Seeks to Raise $861K

NEW YORK (GenomeWeb news) – Fluorotechnics plans to raise just over A$1 million ($861,000) by issuing shares at a price of A$.28 a share, and it will use the funds to strengthen its balance sheet and for sales and marketing costs, the company said on Friday.

The company said it will raise the funds through an offer to eligible shareholders of one new share for every seven shares held, and that it will raise a minimum of $678,000.

The company, which makes fluorescent stains for research and diagnostic uses, said that institutional shareholder Hunter Hall Investment Management will underwrite the rights issue with an investment of $268,000 and that Lars Utterman, a new non-executive director at the company, has committed $150,000.

The offer will close on Sep. 2, 2009.

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