LONDON (Alliance News) - C4X Discovery Holdings PLC said Thursday it has received valid acceptances for 99,563 open offer shares from qualifying shareholders.
This represents about 9.0% of the 1.1 million open offer shares offered.
As a result, C4X raised a total of GBP10.1 million through the placing and open offer after its shareholders passed all resolutions relating to the GBP10.0 million share placing September 18.
The drug discovery company said it placed 11.1 million shares at a price of 90 pence each in September. The stock last closed at 90.00p per share.
C4X intends to use its placing proceeds to strengthen its balance sheet, provide working capital, and increase its commercial capability.
Following the admission of the open offer shares C4X will have a total of 57.8 million shares in issue.
The 11.1 million placing shares are expected to be admitted on AIM October 8 followed by the open offer shares being admitted October 9.