LONDON (Alliance News) - Plethora Solutions said Wednesday it has signed a deal for an up to GBP1.0 million loan facility from Regent Pacific Group Ltd to fund its general working capital requirements.
This follows on from Regent Pacific agreeing a week ago to buy all the shares it does not already own in Plethora in a deal that valued the company at 11.65 pence per share, or at around GBP95.9 million based on the number of shares it has in issue. Plethora's current market capitalisation is GBP35.9 million, with its shares up 3.0% at 4.38 pence early Wednesday.
Regent Pacific currently holds 10.5% of Plethora.
At the time of announcing the offer Plethora had said that it would not have sufficient cash to operate under its current plans, which include the development and commercialisation of its treatment for premature ejaculation PSD502, without further funding.
By Hana Stewart-Smith; firstname.lastname@example.org; @HanaSSAllNews
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