LONDON (Alliance News) - Physiomics PLC saw its shares rise early Monday after its said it had terminated its equity swap agreement with YA Global Master SPV Ltd by mutual consent.
"YAGM will remain as ordinary shareholders but with no further obligations under the swap agreement. YAGM remains a supportive shareholder in Physiomics and we have been advised that it has placed the shares onto its long book," Physiomics said in a statement.
Physiomics raised up to GBP562,500 last July by issuing YA Global Master with new equity and executing the equity swap agreement. The money was for working capital.
The equity swap deal covered GBP289,688 of the total raised. The company was to receive 15 monthly payments of about GBP19,313 between August 2014 and November 2015. The exact amount of the monthly payment was dependent on the monthly performance of Physiomics shares.
Physiomics shares were up 12.4% at 0.118 pence early Monday.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
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Physiomics (PYC)