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LONDON (Alliance News) - Sareum Holdings PLC Friday said it has raised GBP550,000 through a new placing and equity swap with YA Global Master SPV Ltd, money it will use for working capital and to fund its main research programmes.
The specialist cancer drug company said YA Global Master has subscribed for 110 million new shares at 0.50 pence each. The equity swap deal is for 78.8 million shares, and will see Sareum pay YA Global Master GBP200,000 in return for 12 monthly payments of GBP16,667
Sareum has had a relationship with YA Global Master since September 2012 when it entered into a GBP4 million standby equity distribution agreement.
YA Global Master SPV is an investment fund managed by Yorkville Advisors LLC, which specializes in providing debt and equity investments and financing to publicly listed companies in a variety of sectors.
Sareum Holdings shares were down 7.8% at 0.461 pence early Friday, one of the biggest declines on AIM
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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