Ocean Sciences Ltd (ASX: OSS), a leading commercial seaweed supply, research, and development company, has announced it has secured firm commitments to raise $700,000 (before costs) through a private placement. The placement will see the issue of 63,636,364 fully paid ordinary shares at an issue price of $0.011 per share. Participants in the placement will also receive one free attaching option for every Placement Share allotted, exercisable at $0.03 and expiring three years from the date of issue, pending shareholder approval. This capital injection is earmarked to support the expansion of the company’s Indonesian seaweed operations, further development of its Seaweed Innovation and Application Centre, fund research and development initiatives, and cover general working capital requirements.
The placement includes participation from company Directors and their related parties, who have subscribed for 13,454,546 Placement Shares and an equal number of attaching Placement Options, raising $148,000. The issuance of these securities to Directors is subject to shareholder approval under ASX Listing Rule 10.11 at an Extraordinary General Meeting (EGM) scheduled for December 2026. Shares issued to non-related parties, totalling 50,181,818, were approved by shareholders at an EGM held on 11 September 2026. Shareholder approval for all Placement Options, including those for Directors and other investors, will be sought at the upcoming December EGM.
In a move to engage existing shareholders, Ocean Sciences also intends to undertake a loyalty options offer to eligible shareholders within approximately three months. These loyalty options are anticipated to be of the same series as those issued under the placement. Sanlam Private Wealth Pty Ltd was appointed as the lead manager for the placement, receiving a capital raising success fee and 10,500,000 broker options, also subject to shareholder approval at the December EGM. Settlement of the Placement Shares is expected on 9 November 2026, with allotment on 11 November 2026.
