Melodiol Global Health has secured an additional A$215,000 by issuing 167 million new shares, as the company disclosed ongoing discussions about the potential sale of "various core assets".
The announcement came alongside another warning from the firm that it will require further capital "in the near term" as it works toward achieving cashflow breakeven.
The latest placement, priced at $0.001285 cents per share, comes after a $1m raise in October and a $232,000 raise last month.
Those earlier placements involved the issue of 348m shares — increased from 200m after the initial offer was re-priced — and 116m shares respectively.
Shareholders gave the green light at the company's annual general meeting in October to raise as much as $3m through share placements.
In an ASX update, Melodiol noted that its core businesses — Mernova and Health House International — had delivered "strong operating results during FY23".
However, the company repeated its need to source additional funding, with "additional sources of capital" currently under consideration.
Melodiol has been open about its intention to divest non-core subsidiaries to bolster its finances, and last month went a step further by flagging the possible sale of "core assets".
Building on that disclosure, the company revealed in this week's update that it received an offer in December from a party connected to director Jodi Scott to purchase "various core assets of the company for a cash consideration".
Although the non-binding proposal was never signed and the deadline for executing a proposed agreement has elapsed, Melodiol said it is "evaluating the proposal and [is] continuing conversations with the counterparty".
"[The company] will provide updates in due course if necessary," Melodiol said.
Scott is the co-founder of Sierra Sage Herbs, a subsidiary the company has been seeking to sell.
Despite the ongoing capital pressures, Melodiol struck an optimistic tone on Mernova, with the division recording unaudited revenue of $2.13m in Q4, a 15% rise from Q3 and double the figure from Q4 FY22.
That brought FY23 revenue to $7.11m, up 51% on FY22. Full-year group sales are expected to exceed $20m, a 129% increase on the prior year.
Chief executive William Lay said: "The success of Mernova continues to validate Melodiol's stated strategy to achieve growth through targeted M&A, leveraging the expertise and experience of the board and management team in identifying key trends in the market globally for cannabis and other plant-based healthcare products."
The annual performance figures for distribution arm Health House are expected to be published shortly.
