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Warrants exercised - £110k for Sareum pot and just over 1m shares to be issued
Cambridge, UK, 7 May 2024 - Sareum Holdings plc (AIM: SAR), a clinical-stage biotechnology company developing next-generation kinase inhibitors for autoimmune disease and cancer, announces that it has received an exercise of warrants notice from RiverFort Global Opportunities PCC Ltd ("RiverFort") to subscribe for a total of 1,106,986 new ordinary shares in the capital of the Company (the "New Ordinary Shares") at a price of 10 pence per New Ordinary Share for a total consideration to the Company of £110,698.60.
As announced on 3 August 2023, the warrants were issued in connection with the Equity Prepayment Facility (the "RiverFort Facility") provided by RiverFort to the Company. Following this exercise of warrants, RiverFort hold zero warrants over shares in the Company.
As noted in Sareum's announcement of 23 April 2024, the Company has settled the full outstanding balance of, and does not intend to make any further withdrawals pursuant to, the RiverFort Facility.
Admission and Total Voting Rights
Application has been made to the London Stock Exchange plc for the admission of the 1,106,986 New Ordinary Shares to trading on AIM ("Admission"). It is expected that Admission will occur at 8.00 a.m. (London time) on or around Monday 13 May 2024. The New Ordinary Shares will rank pari passu with the existing ordinary shares.
Immediately following Admission, the total number of ordinary shares in issue will be 107,945,783 and the total number of voting rights will therefore be 107,945,783, and this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.
KR
ZA
We are in the home straight now and news looking to be due soon. Our fortunes should start to turn provided all well with the trial which I firmly believe that it is.
As noted in Sareum's announcement of 23 April 2024, the Company has settled the full outstanding balance of, and does not intend to make any further withdrawals pursuant to, the RiverFort Facility.
Good bye and good riddance, or is it good buy.
The Second sentence in the second paragraph is key for me.
As announced on 3 August 2023, the warrants were issued in connection with the Equity Prepayment Facility (the "RiverFort Facility") provided by RiverFort to the Company. Following this exercise of warrants, RiverFort hold zero warrants over shares in the Company.
KR
ZA
Seems like either RF are desperate for cash hence calling in the warrants for a small windfall or they just want out as they p155ed off because they couldn't get us on the cheap...
either way. good riddance to them...
onwards and upwards...
Personal opinion : Share price to remain depressed whilst RF offload by end of May ; That is my wish as I would not like to see RF hold on to their shares and sell > £1 as I have no desire to see them make a load more money from their dirty dealings .. all-be-it that the BOD were completely naive about this underhand funding strategy
Rebster / Aberystwyh - I really doubt they are excercising warrants to "quickly" off load. They know full well the results are due imminently and like us they are going to take a position. I never liked the Rivefort deal but am now quite immune to their intentions - i just want to see a positive results profile for 1801 and then see what the BOD can do with it.
They don't need to take a position. The warrants are at 10p and they can sell immediately for 25p per share.
Irrespective of what may / may not happen to the share price, they can make an instant profit. The common sense business move would be to bank that, not incur additional risk.
No reason to exercise the warrants now unless they are selling. They couldve waited until £10 per share and still only paid 10p for them. They will forward sell them this week and maybe into next.
They've made a lot of money for doing sweet FA, why would they risk it and not cash in.
I agree with the last few comments. RF have zero interest in what Sar is doing and they never have. Having cashed in the warrants they will sell as the rate of buying allows.
Yes Potnak they will forward sell as is not an uncommon practice.
They have tried their hardest to destroy the company.
As those over on Mast Energy (MAST) are discovering...
Riverfort over in Mast I see.