Immediate strengthening of the cash & cash
equivalents by issuance of first tranche of €500 thousand
Regulatory News:
Genomic Vision (Paris:GV) (FR0011799907 – GV), the
pioneer of molecular combing technology for life sciences research
(LSR) applications and in vitro diagnostics (IVD), announced the
implementation of the flexible notes financing with Bracknor Fund
Ltd through the reserved issuance of 20 warrants (the “Notes
Warrants” or “BEOCABSA”) giving access to notes convertible into
shares (the “Notes” or “OCA”) with share subscription warrants
attached (the “Warrants” or “BSA”) (the Notes together with the
Warrants, the “Notes With Warrants” or “OCABSA”).
As per the press release dated October 28, 2016, Genomic Vision
announced a contract with Bracknor Fund Ltd for a flexible
financing line via the issuance of 1,000 Notes With Warrants, with
a nominal value of €10.000 each, comprising twenty tranches of 50
Notes each, with Warrants attached, for a total nominal value of
€10 million, subject to shareholders’ approval.
Genomic Vision’s extraordinary general shareholders’ meeting
(“EGM”) held on December 5, 2016, voted in favor of the
implementation of this financing. Following the filing with the
French Autorité des marchés financiers (AMF) of a prospectus
covering the issuance of 20 Notes Warrants, with cancellation of
pre-emptive rights to the benefit of Bracknor Fund Ltd, and
implementing the delegation of authority granted through the third
resolution of the EGM, Genomic Vision’s management board has
decided on March 28, 2017 to issue 20 Notes Warrants to the benefit
of Bracknor Fund Ltd (the “Investor”), an investment fund managed
by Bracknor Capital Ltd.
The Investor has fully subscribed to these Notes Warrants. As
contractually agreed, the Investor has immediately exercised 1
Notes Warrant, and as a consequence has subscribed to 50 OCABSA
with a nominal value of €10,000 each, representing a first tranche
of Notes of €500,000 in nominal value. 62,840 Warrants with a
strike price of €3.98 shall be immediately detached from these
Notes. If fully exercised, these Warrants may generate an
additional equity contribution of €250,000 for Genomic Vision.
In addition, 20 additional notes (the “Additional Notes”) with a
nominal value of €10,000 have been issued at a subscription price
equal to 100% of par value on the issuance date of the Notes
Warrants and subscribed by the Investor by way of set-off against
the fees due by Genomic Vision in consideration of the Investor’s
commitment to exercise the Notes Warrants at the Company’s
request.
Please note that Genomic Vision may request the Investor to
exercise the other 19 Notes Warrants, by tranches of €500,000 and
depending on specific conditions, during the 24 months after the
issuance of the Notes Warrants, i.e. until March 28, 2019.
The issuance by the Company of the OCABSA, the potential
issuance of shares that may be issued upon conversion of the Notes
and the potential issuance of shares that may be issued upon
exercise of the Warrants, should provide Genomic Vision with
additional funding for:
- General corporate purposes;
- The R&D programs focused on new
products in the IVD business, especially the SMA and HPV tests;
and
- The industrial development program for
the molecular combing equipment together with the Genomic Morse
Code (GMC) as quality control tool in gene editing (GE), and the
development and commercialization of R&D solutions focused on
DNA replication.
The main characteristics of the OCABSA and their theoretical
dilutive impact are detailed in Genomic Vision’s press release
dated October 28, 2016 and in the prospectus filed with the AMF on
March 28, 2017 under number 17-114, and are also available on the
Company’s website www.genomicvision.com. Readers should pay
attention to the update of risk factors specific to the company and
the one related to the issued instruments as described in the
section D of the summary and the chapter 2 of the prospectus.
In addition, the Company makes available on its website an
updated summary of the outstanding Notes Warrants, Notes, Warrants
and number of the Company’s shares.
For illustration purposes, the theoretical impact of the
issuance of the first tranche of Notes with Warrants would be as
follows:
- Impact of the issuance on the
shareholders' equity per share (on the basis of the shareholders'
equity as set out in the annual accounts as of December 31, 2016,
established in accordance with International Financial Reporting
Standards (IFRS) and of the number of shares composing the
Company's share capital as of December 31, 2016, (i.e. 4,457,734
shares) and based on the lowest daily volume weighted average price
for the Genomic Vision share over the 15 consecutive trading days
immediately preceding March 28, 2017, i.e. €3.62)
Shareholders’ equity per share as of December 31, 2016 (in
euros per share) Non-diluted basis Diluted
basis (1) 1st tranche 1st
tranche Before issuance 2.25
3.06
After issuance of 153,846 (1st tranche)
new shares resultingfrom the conversion of the Notes only and of
61,538 sharesresulting from the conversion of the 20 Additional
Notes forthe commitment fees
2.25 3.03
After issuance of 62,972 (1st tranche) new
shares resultingfrom the exercise of the sole Warrants
2.27 3.07
After issuance of 216,818 (1st tranche)
new shares resultingfrom the conversion of the Notes and the
exercise of Warrantsand of 61,538 new shares resulting from the
conversion of the20 Additional Notes for the commitment fees
2.28 3.04
(1) Figures in the column are provided based on a fully diluted
potential capital, i.e. assuming that the available warrants and
founder warrants (“BSPCE”) are exercised.
- Impact of the issuance on the stake of
a shareholder currently owning 1% of the share capital of the
Company (on the basis of the number of shares constituting the
Company's share capital as of December 31, 2016, (i.e. 4,457,734
shares) and based on the lowest daily volume weighted average price
for the Genomic Vision share over the 15 consecutive trading days
immediately preceding March 28, 2017, i.e. €3.62):
Sharehoder’s stake in % Non-diluted basis
Diluted basis (1) 1st tranche
1st tranche Before issuance
1.00% 0.83%
After issuance of 153,846 (1st tranche)
new shares resultingfrom the conversion of the Notes only and of
61,538 sharesresulting from the conversion of the 20 Additional
Notes forthe commitment fees
0.95% 0.80%
After issuance of 62,972 (1st tranche) new
shares resultingfrom the exercise of the sole Warrants
0.99% 0.82%
After issuance of 216,818 (1st tranche)
new shares resultingfrom the conversion of the Notes and the
exercise of Warrantsand of 61,538 new shares resulting from the
conversion of the20 Additional Notes for the commitment fees
0.94% 0.79%
(1) Figures in the column are provided based on a fully diluted
potential capital, i.e. assuming that the available warrants and
founder warrants (“BSPCE”) are exercised.
Frédéric Tarbouriech, CFO of Genomic Vision, said: “This
innovative financial instrument allows us to shore up our cash
position for the next 18 months, while improving the liquidity of
our stock. The flexibility of this instrument matches our financing
needs as we focus on advancing our programs focused on the LSR and
IVD markets.”
Pierre Vannineuse, CEO of Bracknor Capital Ltd and managing
director of Bracknor Fund Ltd, said: “The implementation
of this optional financing instrument, and the exercise of the
first tranche effectively seal our collaboration with Genomic
Vision. We are delighted to be able to support the growth of this
company that is built on a disruptive technology in DNA analysis,
and to contribute to its long-term success.”
ABOUT GENOMIC VISION
Genomic Vision (Euronext: GV) leverages its proprietary DNA
molecular combing platform in the life sciences research and IVD
markets. DNA combing is an extremely powerful tool for the direct
visualization of individual DNA molecules at a very high resolution
to uncover quantitative and qualitative genome variations that are
telltale signs of cancer and other severe diseases. The Company’s
IVD portfolio includes a commercial test for facioscapulohumeral
dystrophy (FSHD), as well as others in development for breast and
colon cancer, spinal muscular atrophy (SMA) and human papilloma
virus (HPV). In the life sciences research market, the Company
deploys its FiberVision® platform, supporting academia, and the
pharma, biotech, and crop sciences industries in their drug
discovery and development efforts. For further information, please
visit www.genomicvision.com
Member of CAC® Mid & Small and CAC®
All-Tradable indexes
FORWARD LOOKING STATEMENT
This press release is for information purposes only and does
not, and shall not, in any circumstances, constitute a public
offering by Genomic Vision nor an offer to sell or a solicitation
of an offer to subscribe for or buy securities in any jurisdiction,
including France. Release, publication or distribution of this
press release is forbidden in any country where it would violate
applicable laws or regulations. The persons in possession of this
announcement must inform themselves of and comply with any local
restrictions.
This press release shall not be published, released or
distributed, directly or indirectly, in the United States, Canada,
Japan or Australia.
This press release and the information it contains do not, and
will not, constitute an offer to subscribe for or sell, nor the
solicitation of an offer to subscribe for or buy, securities of
Genomic Vision in the United States of America or any other
jurisdiction. Securities may not be offered or sold in the United
States of America absent registration or an exemption from
registration under the U.S. Securities Act of 1933, as amended (the
“U.S. Securities Act”), it being specified that the securities of
Genomic Vision have not been and will not be registered within the
US Securities Act. Genomic Vision does not intend to register
securities or conduct a public offering in the United States of
America.
NOT FOR DISTRIBUTION IN THE UNITED STATES OF
AMERICA, CANADA, AUSTRALIA AND JAPAN
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version on businesswire.com: http://www.businesswire.com/news/home/20170329006017/en/
Genomic VisionAaron BensimonCo-founder, Chairman &
CEOTel.: +33 1 49 08 07
50investisseurs@genomicvision.comorCapricorn OneMedia
& IRHans HerklotsTel.: +41 79 598
7149capricorn1@bluewin.chorNewCapInvestor Relations /
Strategic CommunicationsDušan Orešanský / Emmanuel HuynhTel.: +33 1
44 71 94 92gv@newcap.euorLHAU.S. Investor RelationsAnne
Marie Fields212-838-3777afields@lhai.com
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