RE: Patent Application 2023026632725 Sep 2023 17:28
My understanding is that they paid a £170k premium to guarantee 3.5million minimum return with yo-yo 9 months to exercise it.
It was a guarantee that if the so dropped they still get £3.5 million or if the decide to take shares if the sp is a lot higher they still can do
“ The Economic Interest and Royalty Sharing Agreement were valued at cost, totalling £2,080,000, in the Company's 2022 interim results to 30 June 2022, announced on
28 September 2022. No profits or revenues were attributable to the assets subject to the Option. The Option is exercisable solely at the discretion of Cizzle and Cizzle has agreed to pay Conduit £120,000 in cash as the premium for the Option, which has a nine-month term.
Cizzle also announces that it has raised proceeds of £115,586, net of expenses, by way of a subscription for 7,371,557 new ordinary shares in the Company ("Ordinary Shares") at 1.6p per share (the "Issue Price") with existing investors (the
"Subscription"), in order to provide funds to be put towards satisfying the Option premium”