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Capital Raising Outcome Announcement


Date of Announcement: 18 January 2023


Shareholders approve increase to Avingtrans’ ownership in Magnetica as part of Capital Raising


On the 30th November 2022, Magnetica Limited (the Company) announced a capital raising totalling A$11.1M at A$0.05 per share. The Company proposed to retire A$4.35M of debt (loans from Avingtrans) by converting them to equity and the raising of A$6.75M of new funds. The new funds will be used to support its ongoing operations, primarily being the continuation of its compact MSK (musculoskeletal) extremity MRI system commercialisation activities.


Following an Extraordinary General Meeting of the shareholders of the Company on the 16th January 2023, a resolution in relation to the capital raise was carried. Obtaining approval from non-Avingtrans shareholders cleared the final hurdle in the process to enable an increase of Avingtrans’ voting power in Magnetica and the provision of financial benefits to Avingtrans.


The outcome of the capital raise will see the:

  1. retirement of debt on the Company’s balance sheet, by converting A$4.35M of loans into equity and issuing new shares to Avingtrans;
  2. issuing of ~A$0.54M of new shares to non-Avingtrans investors, both new and existing, who took up the opportunity to participate in the capital raise via both a Placement and Share Purchase Plan; and
  3. drawdown of ~A$6.21M of new equity funding from Avingtrans in tranches in the coming year, with new shares being issued for each tranche.


The company plans to allot the shares for items 1 and 2 above on the 27th January 2023, once remaining administration tasks have been completed.


Avingtrans’ ownership in Magnetica will increase from a current ~61% shareholding in the Company to ~74%, once all of the funding tranches have been drawn down.

Shareholder communications


Receiving your shareholder communications electronically is the best way to stay informed and will assist Magnetica with minimising paper usage. If you haven’t already, we encourage you to make the switch to paperless communications and provide us with your email address. To make the change, login to www.investorserve.com.au, add your email address via ‘My Details’ on the left-hand side of the screen and click ‘Communication Options’ to select the communication options you would like to set to email.


You can make a standing election as to how you would like to receive certain documents including annual reports, meeting-related documents (for example notices of meeting and proxy/voting forms) and payment statements.


You can also make a one-off request to receive a document in physical or electronic form by contacting the registry on enquiries@boardroomlimited.com.au.


You will also be able to access Shareholder Documents such as our Annual Report, Notice of Meeting and other documents relating to shareholder meetings when they are published on our website.

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