LONDON (Alliance News) - WideCells Group PLC on Thursday said its investor has exercised its option and converted rights under the convertible bonds for GBP115,000, together with a penalty payment of GBP172,500.
The stem cell healthcare company has entered into an issuance agreement with a provider of convertible bonds, European High Growth Opportunities Securitization Fund, to secure GPB2.7 million worth of funding in return for bonds convertible into shares with attached warrants.
As part of the conversion, WideCells has issued 115.0 million shares, taking European High Growth Opportunities' stake in WideCells to 28.6%. Following admission of the new shares, WideCells' enlarged share issue will be 406.4 million.
Shares in WideCells were down 0.2% Thursday at 0.47 pence each.