Bod Australia raises $3.2m strategic placement to boost future growth

Cosmetics and natural medicines business operator Bod Australia has raised $3.2m in a strategic placement.

The funds were raised through a private placement of 10 million new fully paid ordinary shares at $0.32 per share to strategic institutional investors.

Led by Taylor Collison, the placement met the Corporations Act requirements. Raised funds will be used to grow Bod’s domestic and international distribution channels, as well as enhance sales growth by establishing commerce channel Daigous.

The funds will also be used to monitor the company’s Phase I Medicinal Cannabis clinical trials, which are set to commence in the first half of 2018.

Bod Australia CEO Jo Patterson said: “The support for this placement has been most encouraging and we welcome the new institutional and sophisticated investors to our register and thank them for their support.

“Strengthening the balance sheet marks a key step in positioning Bod for the next stage of growth. It delivers greater confidence to the organisations that we are working with domestically and internationally, and demonstrates to our investors that we are sufficiently funded to capture market share much more rapidly.”

Placement settlement is expected to occur on 27 December 2017.

Bod has exclusive rights to distribute natural skincare balm Pommade Divine in Australia, New Zealand and the export market to China.