LONDON (Alliance News) - ValiRx PLC on Friday said it has received a conversion notice from Bracknor Fund Ltd to convert GBP90,000 of convertible loan notes into shares, after ValiRx issued Bracknor with an initial tranche of GBP500,000.
The life sciences company reached a deal with Bracknor last month to subscribe for convertible loans worth up to GBP4.0 million in eight equal tranches.
Each tranche will be convertible into ValiRx shares at the price equivalent to 90% of the lowest volume-weighted average price of the company's shares in the 15 days prior to the conversion.
ValiRx will use the funds to back its VAL201 cancer treatment clinical trials.
Bracknor is a British Virgin Islands-based mutual fund.
ValiRx has also issued Bracknor with a warrant over 4.9 million shares, which may be exercised at 9 pence each at any time until March 31, 2021.
Shares in ValiRx were trading down 2.9% at 8.01 pence on Friday afternoon.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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ValiRx (VAL)