LONDON (Alliance News) - Tiziana Life Sciences PLC said Tuesday that it has priced its underwritten public offering in the US of 442,910 American Depositary Shares representing ordinary shares in the company at USD9.90 per ADS.
The company also has granted its book running manager a 30-day option to purchase up to an additional 66,437 ADS. Each ADS offered represents 10 ordinary shares in the biotechnology company.
The gross proceeds of the ADS offering will be GBP3.4 million, excluding any exercise of the option. Trading in the ADS will start at Tuesday market open.
Tiziana will separately issue 2.1 million ordinary shares at 60 pence per share to repay loans totaling GBP1.4 million. It will additionally issue 607,500 shares at 75p each and 793,144 Shares at 80p each on exercise of warrants
The company will net GBP1.1 million from the exercise of warrants.
In October, the company raised USD1.5 million by the issue of 1.5 million new ordinary shares at a price of USD0.99, or 75p, per share.
London listed shares in Tiziana Life were trading 3.5% higher at 78.95p.