Ocean Sciences secures firm commitments for $700,000 placement
Ocean Sciences (ASX: OSS), a leading commercial seaweed supply, research and development company, has received firm commitments from Company Directors and sophisticated and professional investors to raise $700,000 (before expenses) through a placement. The placement covers 63,636,364 fully paid ordinary shares at an issue price of $0.011 per Placement Share.
Every Placement Share allotted comes with one free attaching option, exercisable at $0.03 and expiring three years from the date of issue. The proceeds are intended to support Indonesia-based seaweed operations and the Seaweed Innovation and Application Centre (Innovation Centre).
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Placement terms at a glance
The table below summarises the key terms of the placement.
| Item | Detail |
|---|---|
| Raise amount (before expenses) | $700,000 |
| Issue price | $0.011 per Placement Share |
| Number of Placement Shares | 63,636,364 |
| Attaching options | One free option for every Placement Share allotted |
| Option exercise price | $0.03 |
| Option expiry | Three years from date of issue |
| Lead manager | Sanlam Private Wealth Pty Ltd |
Directors and their related parties subscribed for 13,454,546 Placement Shares and 13,454,546 attaching Placement Options, raising $148,000. These issues are subject to shareholder approval for the purposes of ASX Listing Rule 10.11 at the December EGM.
The remaining 50,181,818 Placement Shares, issued to non-related parties, are being issued under a resolution approved by shareholders at the EGM held on 11 September 2026.
The issue of the Placement Options is subject to shareholder approval at the EGM proposed to be held in December 2026. If approval is not obtained, the Placement Options will not be issued, and the issue of Placement Shares to investors will not be affected. The Placement Options will not be listed on ASX.
Sanlam Private Wealth Pty Ltd (Sanlam) was appointed lead manager and will be paid a capital raising success fee of 6% plus GST on the gross Placement funds raised from investors it introduced. Sanlam (and/or its nominee) will also be issued 10,500,000 options of the same series as the Placement Options, as consideration for its broker services, subject to shareholder approval at the December EGM.
How the funds will be deployed
Ocean Sciences intends to use the net proceeds from the placement to fund:
- Indonesia-based seaweed operations
- Product development and the Innovation Centre
- R&D projects
- Working capital
The company has not stated a dollar split between these uses. Directors and their related parties are participating in the raise to the extent of $148,000, which gives insiders a stake in the same terms offered to other investors.
R&D spending includes the seaweed bio-fertiliser program, where Temasek Polytechnic lab results are the nearest catalyst and crop efficacy testing under commercial-scale conditions is the next step.
The Takalar Innovation Centre development plan sequences regulatory approvals, staged construction and commissioning at a 3.4-hectare South Sulawesi site held under lease to April 2031, which frames how spending on the facility is likely to be phased.
Understanding placements and attaching options
A placement is a capital raising in which a company issues new shares directly to selected investors, rather than offering them to all shareholders at once. It is typically quicker than a broad public offer.
Attaching options are added to the deal as a sweetener. Each option gives its holder the right, but not the obligation, to buy one more share at a set price. Here, that price is $0.03, compared with the $0.011 issue price of the Placement Shares, and any exercise would bring additional capital to the company.
ASX Listing Rule 10.11 generally requires shareholder approval before a company issues securities to its directors or their related parties. This is why the Director participation in the placement is conditional on the December EGM.
Loyalty options offer for existing shareholders
Ocean Sciences also intends to undertake a loyalty options issue, or similar pro rata offer of options, to eligible existing shareholders. The company plans to do so within approximately three months of the date of the Placement Term Sheet.
It is anticipated that the loyalty options will be of the same series as the Placement Options. Investors in the placement will be eligible to participate in respect of Placement Shares issued to them on or before the applicable record date, subject to satisfying the eligibility criteria for that offer.
Further details of the proposed offer will be announced to ASX once the terms have been finalised.
What happens next for Ocean Sciences
The indicative timetable and forward steps are:
- Settlement of Placement Shares: Monday, 9 November 2026
- Allotment of Placement Shares: Wednesday, 11 November 2026
- EGM to approve the issue of the Placement Options and Broker Options: mid to late December 2026, with shareholder approval required. Director securities also need approval under ASX Listing Rule 10.11.
- Loyalty options offer: intended within approximately three months of the date of the Placement Term Sheet, with further details to be announced to ASX once terms are finalised.
The timetable is indicative only and may be changed by the company and Sanlam, subject to the ASX Listing Rules.
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