RE: From 4th May RNS14 May 2020 16:47
Motif have just had a fund raise and are now in a very strong position to successfully complete a RTO , that's why the highly respected Chris Wardhaugh, NED of Lameller Bio has recently joined the BoD of Motif....he certainly wouldn't have put his reputation on the line at this most crucial time in proceedings, if he wasn't supremely confident of a successful conclusion, and enough for Lomabard to declare a 16.85% interest for their clients.....the RTO is where the real value will be....and news could drop at anytime. Gla Holders Hold on tight and enjoy the ride!!! ;-)
5/5/20
Motif Bio is undertaking the Placing at this time in response to investor demand. In addition, the Placing will strengthen Motif Bio's balance sheet as the Company's Directors continue to focus on sourcing an appropriate reverse takeover candidate for Motif Bio. The Company's Directors are currently in discussions with several companies in the healthcare sector that have expressed an interest in proceeding with a reverse takeover.
Use of Proceeds
The net proceeds of the Placing will be used as follows:
-- To strengthen the Company's balance sheet as the Company's Directors continue the search for an appropriate reverse takeover candidate; and
-- To provide the Company with additional working capital.
Following the Placing, Motif Bio will have cash of approximately GBP815,000 which will provide the Company with sufficient working capital until February 2021. The Directors will continue to impose disciplined cost controls.