Advanced Oncotherapy PLC Update on Convertible Note & Loan Extension (4350Z)
May 15 2023 - 6:36AM
UK Regulatory
TIDMAVO
RNS Number : 4350Z
Advanced Oncotherapy PLC
15 May 2023
15 May 2023
ADVANCED ONCOTHERAPY PLC
("Advanced Oncotherapy", "AVO" or the "Company")
Update on Secured Convertible Note Facility & Loan
Extension
Update on Secured Convertible Note Facility
Further to the Company's announcement on 5 May 2023 , Advanced
Oncotherapy (AIM:AVO), the developer of LIGHT, the next-generation
proton therapy system for cancer treatment, announces that it has
received the balance of funds totalling GBP125,000 due under the
secured convertible loan agreements entered into by the Company
with investors and directors.
As at the date of this announcement total funds of GBP6.345
million have been received from investors under the secured
convertible loan note.
As announced on 1 March 2023, and in subsequent updates, the
Company is taking steps to raise additional financing including
through raising further funds pursuant to the secured convertible
loan facility.
Loan Extension
The Company also announces that the repayment date of its GBP10m
loan facility with Credit Suisse AG (the "Loan") has been extended
to 4 September 2023. The Loan is secured against an aggregated
amount of GBP10.5 million. Nerano Pharma Ltd, acting as Third Party
Pledgor, placed GBP10 million in a pledged account, with the
remainder placed in a pledged account by the Company. Full details
of the Loan are set out in the Company's announcement published on
10 May 2019.
The extension of the repayment date of the Loan will allow the
Company to focus its financial resources on the strategic review
process announced on the 18 April 2023.
Rule 2.9 disclosure
In accordance with Rule 2.9 of the Takeover Code, AVO confirms
that, following the receipt of funds under the Secured Convertible
Note , it now has 6,345,125 senior secured fixed rate convertible
loan notes ("Loan Notes") in issue (as at today's date), which have
a maturity date of 11 January 2024 and are convertible into
ordinary shares of 25p each in the Company at a conversion price
representing a 20% discount to the next equity fund raising
undertaken by the Company. The Loan Notes pay an interest rate of
1.25% per month and includes a revenue sharing agreement with
Harley Street Centre.
AVO also confirms that as at the close of business on 11 May
2023 its issued share capital consisted of 537,481,209 ordinary
shares of 25 pence each. The International Securities
Identification Number for the Company's ordinary shares is
GB00BD6SX109.
Further updates will be provided as appropriate.
Advanced Oncotherapy plc www.avoplc.com
Dr. Michael Sinclair, Executive Tel: +44 (0) 20 3617
Chairman 8728
Nicolas Serandour, CEO
WH Ireland Limited (Financial Tel: +44 (0) 20 7220
adviser) 1666
Antonio Bossi / James Bavister AVOPLC@whirelandcm.com
Allenby Capital Limited (Nomad
and Joint Broker)
Nick Athanas / Piers Shimwell (Corporate Tel: +44 (0) 20 3328
Finance) 5656
Amrit Nahal / Matt Butlin (Sales
& Corporate Broking)
SI Capital Ltd (Joint Broker)
Nick Emerson Tel: +44 (0) 1483 413
500
Jon Levinson Tel: +44 (0) 20 3871
4066
About Advanced Oncotherapy Plc www.avoplc.com
Advanced Oncotherapy, a UK headquartered company with offices in
London, Geneva, The Netherlands and in the USA, is a provider of
particle therapy with protons that harnesses the best in modern
technology. Advanced Oncotherapy's team "ADAM," based in Geneva,
focuses on the development of a proprietary proton accelerator
called, Linac Image Guided Hadron Technology (LIGHT). LIGHT's
compact configuration delivers proton beams in a way that
facilitates greater precision and electronic control.
Advanced Oncotherapy will offer healthcare providers affordable
systems that will enable them to treat cancer with innovative
technology as well as expected lower treatment-related side
effects.
Advanced Oncotherapy continually monitors the market for any
emerging improvements in delivering proton therapy and actively
seeks working relationships with providers of these innovative
technologies. Through these relationships, the Company will remain
the prime provider of an innovative and cost-effective system for
particle therapy with protons.
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