Medigard Limited (ASX:MGZ) announced a private placement of 8,571,428 shares at AUD 0.0175 per share for gross proceeds of AUD 150,000 on October 31, 2017. The company received binding commitments from a sophisticated investor for 2,857,143 shares, Don Channer, Chairman and director of the company for 3,428,571 shares, and Chris Bishop, director of the company for 2,285,714 shares. The shares to be issued to directors are subject to shareholder approval.