Core Viewpoint - Intelligent Bio Solutions Inc. has successfully closed a private placement with institutional investors, raising approximately $10 million to support its operations and product development [1][2]. Group 1: Private Placement Details - The private placement involved the issuance of 2,298,850 shares of common stock and associated Series K-1 and K-2 warrants, priced at $4.35 per share [1]. - The Series K-1 and K-2 warrants have an exercise price of $4.10 per share and are exercisable immediately upon issuance, with a term of five years [1]. - The expected gross proceeds from this placement are approximately $10 million, before deducting fees and expenses [1]. Group 2: Use of Proceeds - The company intends to utilize the proceeds for working capital and general corporate purposes, including funding its 510(k) submission with the FDA for its Intelligent Fingerprinting Drug Screening System [2]. - The funds will also support the company's efforts to expand into international markets [2]. Group 3: Company Overview - Intelligent Bio Solutions Inc. specializes in non-invasive testing solutions, particularly through its Intelligent Fingerprinting Drug Screening System, which analyzes fingerprint sweat [5]. - The system is designed to be hygienic and cost-effective, screening for drugs commonly found in workplace settings, including opiates, cocaine, methamphetamine, and cannabis [5]. - The company targets various customer segments outside the U.S., including construction, manufacturing, transport, and drug treatment organizations [5].