LONDON (Alliance News) - Cancer diagnostics company ValiRx PLC Wednesday said its GBP1.5 million equity swap agreement with YA Global Master SPV Ltd has been completed early.
The company had announced the deal, which provided it with working capital alongside the GBP2.9 million it raised in a share placing at the same time, in December 2013, and Wednesday said it has been exercised in full.
YA Global Master has sold 206.5 million ValiRx shares. It still has an interest over 86.7 million ValiRx shares which are outside the terms of the swap agreement.
Under the original swap deal, YA Global Master was to made 18 monthly settlement payments of GBP83,333.33, in return for 753.8 million ValiRx shares.
ValiRx shares ended down 6.7% at 0.382 pence Wednesday.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
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ValiRx (VAL)