Provexis PLC Draw Down of Funds and Issue of Equity (1876Z)
December 09 2014 - 2:00AM
UK Regulatory
TIDMPXS
RNS Number : 1876Z
Provexis PLC
09 December 2014
9 December 2014
Provexis plc
Draw Down of Funds and Issue of Equity
Provexis plc ("Provexis" or the "Company"), the business that
develops and licenses the proprietary, scientifically-proven
Fruitflow(R) heart-health functional food ingredient, has raised
net proceeds of GBP125,000 by drawing down on its Equity Financing
Facility ("EFF") with Darwin Strategic Limited ("Darwin").
Under the terms of the EFF agreement the Company has allotted,
conditional on admission to trading on AIM, 23,030,330 new ordinary
shares of 0.1p each to Darwin (the "New Provexis Shares"). The New
Provexis Shares have been issued at a gross 0.59p per share and
rank pari passu in all respects with the existing ordinary shares
of 0.1p each in Provexis.
The draw down represents a discount of 7.2 per cent to the
closing mid-market price per Ordinary Share on 8 December 2014,
being the latest practicable date prior to this announcement. The
net proceeds raised by the draw down were linked to the floor price
set by the Directors during the draw down.
Application will be made to the London Stock Exchange for the
23,030,330 New Provexis Shares to be admitted to trading on AIM. It
is expected that the admission will become effective and that
trading in the New Provexis Shares will commence on 15 December
2014 ("Admission").
Following Admission, the Company's enlarged issued share capital
will comprise 1,584,845,944 ordinary shares with voting rights. The
Company does not hold any shares in treasury. This figure of
1,584,845,944 ordinary shares may be used by shareholders in the
Company as the denominator for the calculations by which they will
determine if they are required to notify their interest in, or a
change in their interest in, the share capital of the Company under
the FCA's Disclosure and Transparency Rules.
Dawson Buck, Chairman of Provexis plc, commented:
"On 18 November 2014 the Company announced it had signed a two
stage collaboration agreement with the University of Oslo to
undertake further research into the relationship between Fruitflow
and blood pressure regulation. The Company is ideally positioned to
develop technologies designed to extend the existing 'healthy blood
flow' product claims of Fruitflow and the collaboration is expected
to be an important step in maximising the opportunities available
to commercialise Fruitflow.
The Board is pleased with the outcome of the draw down which has
resulted in little dilution to shareholders. The draw down will
more than fund the expected costs of the two stage blood pressure
collaboration agreement and the associated patent filings, and it
will further strengthen the Company's balance sheet."
- ends -
For further information please contact:
Provexis plc Tel: 07917 670260
Dawson Buck, Chairman enquiries@provexis.com
Ian Ford, Finance Director
Cenkos Securities plc Tel: 020 7397 8900
Bobbie Hilliam
This information is provided by RNS
The company news service from the London Stock Exchange
END
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