RE: Great news17 Apr 2025 08:10
Llai market cap £275,000
The Advanced Payment of $375,000 is made pursuant to a Promissory Note under which interest of 7.5% is payable and the amount is secured against certain tangible assets of the Company.
Operational Update
On 31 March 2025 the Company had an unaudited cash balance of approximately $850,000 and since the beginning of February 2025 has taken action to reduce expenditure, The Agreement will require the re-hiring of a minority of these members of staff, and it is anticipated that the Company's existing cash balances combined with the minimum funding under the Agreement following Completion will satisfy the Company's funding needs into 2026.
In addition to the terms above, from Completion, the Agreement also contains the Asset Purchase Option, whereby Circulogene has the option but not an obligation, by the later of 30 September 2025 or sixty (60) days after Completion (the "Option Window"), to acquire the licensed IP, the leased equipment and all other applicable licenses for a consideration of $6,200,000