Oventus Medical Limited (ASX:OVN) announced a private placement of 19,444,444 shares at a price of AUD 0.36 per share for gross proceeds of AUD 7,000,000 on June 22, 2017. The transaction will take place in two tranches. The second tranche of AUD 500,000 will be conducted subject to shareholder approval being obtained at a general meeting of shareholders to be held in August 2017.

The second tranche will involve participation from number of the directors for an aggregate amount of AUD 420,000, including Chairman Mel Bridges, Founder Chris Hart, and Co-Founder and Managing Director Neil Anderson.