OKYO Pharma Limited OKYO: CLNs to raise GBP1.4m, intends to list: NASDAQ (3829W)
August 18 2020 - 2:00AM
UK Regulatory
TIDMOKYO
RNS Number : 3829W
OKYO Pharma Limited
18 August 2020
FOR IMMEDIATE RELEASE
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF REGULATION (EU) NO 596/2014
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, IN OR INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH
JURISDICTION
18 August 2020
OKYO Pharma Limited
("OKYO" or the "Company")
Issue of additional convertible loan notes to raise GBP1,437,104
and intention to seek dual listing on NASDAQ
OKYO , the life sciences and biotechnology company, focused on
the discovery and development of novel molecules to treat
inflammatory dry eye diseases and chronic pain, is pleased to
announce that it has raised an additional GBP1,437,104 through the
issue of convertible loan notes ("CLNs"). The proceeds of the CLNs,
together with the GBP3,500,000 raised in July 2020 on similar terms
will be used for working capital purposes. The CLNs carry an
interest rate of 2.15% compounding and have maximum term of 4
years. The CLNs convert into ordinary shares at a price of 8.5p per
share. Conversion will be subject to shareholder approval and no
conversions may take place prior to 31 March 2021. Fees of 7.5% of
the value on the CLN's were settled in kind through the issue of
additional CLNs. The CLNs were placed with a small number of
private investors.
OKYO intends to use the net proceeds received from the CLNs, to
further the development of its clinical pipeline. The Company has
now raised GBP5.37m since the end of the financial year on 31 March
2020, substantially enhancing cash on hand for advancement of the
clinical development program, details of which were included in the
announcement of annual result yesterday.
The Company now intends to progress a dual listing of its
existing equity share capital on NASDAQ (subject to the required
regulatory approvals).
The person who arranged for the release of this announcement on
behalf of the Company was Keeren Shah, Chief Financial Officer of
OKYO.
About OKYO
OKYO Pharma Limited (LSE: OKYO) is a life sciences and
biotechnology company admitted to listing on the standard segment
of the Official List of the UK Financial Conduct Authority and to
trading on the Main Market for listed securities of the London
Stock Exchange plc. OKYO is focusing on the discovery and
development of novel molecules to treat inflammatory dry eye
diseases and chronic pain.
Enquiries:
OKYO Pharma Limited Willy Simon +44 (0)20 7382 8300
Optiva Securities Limited Robert Emmet + 44 (0)20 3981 4173
For further information, please visit the Company's website at
www.okyopharma.com.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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