Big Phew5 Nov 2020 10:56
Scancell Holdings plc (AIM: SCLP), the developer of novel immunotherapies for the treatment of cancer and infectious disease, is pleased to announce that further to the Company's announcements on 12 October 2020 and 29 October 2020 in respect of the Capital Raise and adjournment of the General Meeting, respectively, at the adjourned General Meeting held earlier today, all resolutions were duly passed on a poll.
Accordingly, the Company has raised approximately £33.0 million in aggregate (before expenses) through the Capital Raise. This is comprised of £12.1 million (before expenses) through the issue of 93,071,170 Subscription Shares, which were admitted to trading on 14 October 2020 pursuant to the Subscription, approximately £3.0 million (before expenses) through the issue of 23,301,003 Open Offer Shares pursuant to the Open Offer and gross proceeds from the subscription by the Redmile Funds with an aggregate principal amount of £17.9 million pursuant to the issue of the New Convertible Loan Notes. The issue of the Open Offer Shares remains conditional on Second Admission.
As previously announced, the Open Offer, which closed for receipt of applications at 11.00 a.m. on 28 October 2020 in accordance with its terms, was significantly oversubscribed. Qualifying Shareholders who have validly applied for Open Offer Shares will receive their full basic entitlements under the Open Offer. As applications under the Excess Application Facility cannot be satisfied in full, applications for Open Offer Shares under the Excess Application Facility will be scaled back in accordance with the terms set out in the Circular. Following the scale back, 23,301,003 Open Offer Shares in aggregate will be issued pursuant to basic and excess entitlements.
Applications have been made for 23,301,003 Open Offer Shares to be admitted to trading on AIM. Admission of the Open Offer Shares to trading on AIM is expected at 8.00 a.m. on 6 November 2020. The Open Offer Shares will rank pari passu with the Existing Ordinary Shares.
Details of the terms of the New Convertible Loan Notes are set out in the Circular and announcement of the Capital Raise on 12 October 2020. The Redemption Date is expected to be 10 November 2022.
Cliff Holloway, Chief Executive Officer of Scancell, said: "We are extremely grateful to our shareholders for their support for this transformational funding round. The £33.0 million raised will allow the Company to broaden its development pipeline and build the resources required to advance multiple clinical programmes in parallel. Our initial focus will be on our lead products Modi-1 and SCIB1, as well as the initial clinical evaluation of our vaccine for COVID-19. We look forward to updating the market with our progress in due course."
Total Voting Rights
Following Second Admission of the Open Offer Shares, the Company will have 815,218,831 Ordinary Shares in issue
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