Eligible shareholders applied for $414,000 under the SPP while PAC Partners Securities Pty Ltd completed a partial underwriting of the plan for $86,000.
The company is now working with PAC Partners, lead managers to the SPP, to place the shortfall of the plan and enable Corazon to raise up to a further $500,000.
Under the shortfall placement investors will be offered the right to acquire shares in the company at an issue price of 0.3 cents a share.
Participants will also be issued two free options for every three shares acquired, on the same terms as options issued under the SPP.
Corazon managing director Brett Smith participated in the SPP, purchasing 3,333,332 fully paid ordinary shares.
He also received more than 2.2 million options to acquire ordinary shares at an exercise price of 0.7 cents with expiry on July 10, 2022.
The share purchase brings his total shareholding to 10.44 million ordinary shares and more than 12 million options.
Non-executive chairman Clive Jones also took part in the plan, acquiring 3,333,333 ordinary shares and 222,222,222 options at a price of 0.7 cents each and expiry on July 10, 2022.
Jones’ total direct interest now comprises more than 1.5 million ordinary shares and he indirectly holds nearly 2.5 million ordinary shares, 5 million options exercisable at 3.5 cents each with expiry March 31, 2020, as well the options under the plan.