Market Announcement – Listing of Wholly Owned Subsidiary The Directors of iQnovate Limited (NSX:IQN) (the Company) are pleased to announce that the Board has resolved to float its wholly owned pharmaceutical contract sales subsidiary, FarmaForce Pty Ltd (FarmaForce), via a new proposed ASX listing. The Company has committed to an IPO of FarmaForce and listing on the ASX by the end of the 3rd quarter 2015. Preliminary market research has indicated significant demand for this raising and it is anticipated that the proposed offer will be oversubscribed. The key details of this proposed new float, which is subject to all necessary approvals being obtained, are: • Offer to be made via a Prospectus • Capital Raising – it is proposed to raise at least $4 million • iQnovate Ltd shareholders will not be offered a priority entitlement under the offer as the company intends to retain a majority shareholding in FarmaForce • iQnovate Ltd – the Company’s shareholding in FarmaForce will be diluted by the proportion of the offer. The funds raised will be applied to working capital and the continued development of the FarmaForce Pty Ltd business. iQnovate Limited Chief Executive Officer Dr George Syrmalis said “Farmaforce is Australia’s most innovative pharmaceutical sales organization currently engaging in deals with multinational pharmaceutical companies. The company’s growth since inception has been remarkable and a listing on the ASX will provide a platform for further corporate growth”.
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