Race Oncology Limited (ASX: RAC) announced a private placement of 21,900,000 common shares at a price of AUD 0.066 per share for gross proceeds of AUD 1,445,400 led by individual investor Daniel Tilett on August 20, 2019. Daniel Tilett will subscribe for 8,500,000 shares under existing placement capacity. The transaction will also include participation from three current directors of the company for AUD 375,000 including John Cullity for 3,787,878 shares, Chris Ntoumenopoulos for 378,787 shares, and William Garner for 1,515,151 shares, and existing shareholders subscribed for AUD 330,000. A further 2,700,000 shares will be issued subject to shareholders’ approval. The company will also issue one attaching option for every two shares issued in the transaction. The options are convertible into common share of the company at AUD 0.099 on or before August 31, 2021. As a part of the transaction, Daniel Tilett will join the company's board of directors. The transaction was fully subscribed. On the same day, the company issued 8,500,000 shares and 4,250,000 options in the first tranche to Daniel Tilett.