(Alliance News) - Midatech Pharma PLC on Wednesday said it has issued 500,000 American depositary shares to US investors as part of a warrants exercise, raising USD1.0 million in gross proceeds.
The ADSs represent 2.5 million ordinary Midatech shares and has an exercise price of USD2.05 per ADS, with each ADS representing five ordinary shares.
Application to admit 2.5 million Midatech shares to the AIM market of the London Stock Exchange has been made and is expected to take effect on or around Friday this week.
At that point the drug delivery technology company, which has its headquarters in Cardiff, Wales, will have 63.0 million shares in issue.
Shares in Midatech were down 2.6% at 37.50 pence in London on Wednesday morning.
By Anna Farley; annafarley@alliancenews.com
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