Key Highlights

• Ocean Sciences is raising A$700,000 through a placement.

• Cash at 30 September 2026 was A$72,000.

• That equals roughly 0.4 quarters of funding at the current burn rate.

• The Placement was announced on 4 November 2026.

Ocean Sciences Ltd (ASX:OSS) is raising A$700,000 because its latest Quarterly Report showed only A$72,000 of cash at 30 September 2026, equal to roughly 0.4 quarters of funding at the current burn rate. The placement is aimed at funding its Indonesian seaweed business.

The company announced the placement on 4 November 2026, after a Trading halt requested on 2 November. The sum is small in absolute terms but large against the company's cash and quarterly receipts.

From BPH Global to seaweed

Ocean Sciences (ASX:OSS) was formerly BPH Global Ltd and now trades under the code OSS. Shareholders approved the name change and a one-for-ten share consolidation at a meeting on 11 September 2026. The ASX describes the Business as the commercialisation of dendrobium stem cell extraction, and classifies it in Health Care, within pharmaceuticals, biotechnology and life sciences.

The current operations are different. The company trades seaweed through its Indonesian subsidiary, PT BPH Global Indonesia.

What the quarter showed

The report for the three months to 30 September 2026, lodged on 30 October, shows receipts from customers of A$960,000 and a net operating cash outflow of A$178,000. The document shows A$177,000 in another line, so the figure is approximate.

Cash fell from A$253,000 to A$72,000. No Equity or Debt was raised in the quarter, and directors said they expected to complete a Capital raise in November.

The company reported gross trading sales of about 45.49 billion Indonesian rupiah, roughly A$3.87 million, in aggregate since May 2025.

China exports and a drawn facility

A notable development is direct export of raw seaweed to China, after approval from the General Administration of Customs of China. The first direct shipment was dispatched from Makassar on 29 June 2026 and was delivered to the customer's Warehouse on 22 July.

Selling directly, rather than through intermediaries, can improve margins, although the quarterly report does not quantify any Margin benefit.

The company also relies on a US$375,000 trade finance Facility from Equentia Natural Resources. It is fully drawn at about A$537,000, carries interest of 15 per cent a year and is secured by a Lien over seaweed stock. The facility has been extended to August 2027.

The placement terms

Firm commitments came from directors and sophisticated and professional investors. The placement issues 63,636,364 shares at A$0.011 each, with one free attaching option for each share. The Options have an exercise price of A$0.03, expire three years after issue and will not be listed.

Of the total, 50,181,818 shares raising A$552,000 went to non-related investors and were covered by the 11 September approval. Another 13,454,546 shares raising A$148,000 are for directors and other related parties and need approval under Listing Rule 10.11 at an extraordinary general meeting in December.

Sanlam Private Wealth Pty Ltd is lead manager, with a fee of 6 per cent plus GST on funds from investors it introduces, plus 10,500,000 broker options subject to the same meeting.

The money is intended for the Indonesian seaweed operations, product development, a Seaweed Innovation and Application Centre, research projects and working capital. The centre's development plan was finalised on 1 October 2026.

Risks and dates ahead

The company is small, with a Market Value of about A$3.5 million on the ASX data, and its cash position is thin even after the raising. Seaweed prices, Indonesian weather and harvest conditions, currency movements and export approvals can all affect results, and a high-interest, stock-secured facility adds financial risk.

Dilution is another factor, since the raising adds shares and options, and a loyalty options offer for existing holders is planned within about three months.

Settlement is scheduled for 9 November 2026 and allotment for 11 November, with the options meeting in mid to late December.