Yourgene Health PLC - Manchester-based molecular diagnostics - Raises GBP6.4 million from placing and subscription of 2.14 billion new shares at 0.30 pence each. The share offer, first announced late on Wednesday, was run as an accelerated book build by Singer Capital Markets. Also plans retail share offer at same price to raise up to GBP1.0 million. Calls general meeting for January 9 to approve the capital raise, whose proceeds will be used for near-term working capital and to pay for restructuring aimed at delivering cost savings. Yourgene Health directors subscribed for 383.3 million of the new shares.
"The first priority was to secure the future of the business and for that we thank our supportive stakeholders," comments Chief Executive Officer Lyn Rees. "The next priority is to deliver value for investors by demonstrating the merits of the high-quality business we are building in extraordinary times."
Current stock price: 0.33p, down 11% on Thursday in London
12-month change: down 97%
By Tom Waite, Alliance News editor
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