Acrux (ASX:ACR) pushes ahead with $2M SPP

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Acrux (ACR) is pushing ahead with its planned share purchase plan (SPP) by sending off a booklet to eligible shareholders.

The pharmaceutical company first flagged plans to carry out a fundraise back in late-December, when it successfully netted $7.8 million via a placement.

ACR is now hoping to raise an additional $2 million in funds via the SPP, with shareholders invited to subscribe for up to $30,000 worth of ACR shares.

The shares under the offer are priced at 15.7 cents each — the same price offered under Acrux’s recent placement.

That price also represents a 10 per cent discount to the 30-day volume-weighted average price on and up to December 4.

All of the funds raise under the SPP and Placement will be used by ACR to commercialise its current and future product pipeline as well as for working capital.

Acrux opened the plan on Friday and has slated for the SPP to close on January 29, before the new shares are then issued on February 3.

Shares in ACR have ended Friday’s session down 3.03 per cent, trading at 16 cents each.