Integumen PLC Update on Placing and Subscription (6637D)
October 11 2018 - 2:00AM
UK Regulatory
TIDMSKIN
RNS Number : 6637D
Integumen PLC
11 October 2018
11 October 2018
Integumen plc
("Integumen" or "the Company")
Update on Placing and Subscription
The Company provides an update further to the announcement of 27
September 2018.
Funding
As announced on 27 September 2018 the Company has been provided
with access to working capital from an unsecured loan facility
provided by Cellulac plc with an interest rate of 0% on funds
drawn.
It has been agreed in principle by Integumen and Cellulac, that
this zero-interest facility is being extended until 30 April 2019
by up to an additional GBP300,000. Along with funds already loaned
to Integumen, the total amount is not expected to exceed
GBP400,000. Further amounts drawn down under the facility will be
subject to the same conditions. The funds drawn under this
arrangement will not fall as repayable until completion of an
alternative funding arrangement or completion of any corporate
transaction requiring Integumen shareholders' approval under AIM
Rule 14. The Directors intend to draw on the facility as required
to meet the Company's ongoing working capital needs.
The above non-dilutive funding facility is taking the place of
the second tranches of the Placing and Subscription (previously
announced on 16 July 2018, 19 July 2018 and 24 July 2018) which
will not now proceed.
Investment in Cellulac
It is expected that completion of Integumen's acquisition of a
9.35% stake in Cellulac plc will take place shortly. Further
details will be notified in due course.
Gerard Brandon, Chief
Integumen plc Executive +44 (0) 1223 926 660
SPARK Advisory Partners
Limited Neil Baldwin/Andrew
(Nominated Adviser) Emmott +44 (0) 113 370 8974
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Hybridan LLP (Broker) Claire Noyce +44 (0) 20 3764 2341
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END
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