22 May 2017 16:36
AMPHION INNOVATIONS PLC
("Amphion" or "the Company")
Additional Draw Down on Loan Facility
London and New York, 22 May 2017 - Amphion Innovations plc (AIM: AMP), the developer of medical, life science, and technology businesses, today announces that the Company has agreed terms for the draw-down of an additional US $1,500,000 (an "Additional Draw") under the loan facility as announced on 5 June 2014 (the "Facility"). This draw-down will occur in two tranches of US $750,000, the first tranche available as of the date of the signed agreement, being today, and the second tranche shall become available on 1 July 2017.
The current loan balance under the Facility after both tranches of the Additional Draw will be US $6,149,011, which may be repaid in cash or Ordinary Shares. Of this total amount, including the Additional Draw, US $3,000,000 may be converted into ordinary shares of 1p each in the capital of the Company ("Ordinary Shares") at 6 pence per share, and $3,149,011 may be converted into Ordinary Shares at 8 pence per share.
Under the terms of the Additional Draw, the interest rate will be 10% with repayment to be added to the outstanding balance and amortized over the remaining life of the loan, which matures on 15 December 2017. The proceeds are to be used for working capital for Amphion and its Partner Companies.
The current loan under the Facility is secured by the pledge by the Company of 42,461,625 ordinary shares of Motif Bio plc. Amphion has transferred the legal title to, but retains the beneficial interest in, the total pledged shares.
In respect of the terms of the Additional Draw, Amphion has issued 10,000,000 new Ordinary Shares to the Lender for nil consideration. Application will be made to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on AIM ("Admission"). The new Ordinary Shares will, when issued, rank equally in all respects with the existing Ordinary Shares. It is expected that Admission will become effective and that dealings in the new Ordinary Shares will commence on 26 May 2017.
Following the Admission of the 10,000,000 new Ordinary Shares, the Company will have 207,511,229 ordinary shares in issue with each ordinary share holding one voting right.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 ("MAR").
For further information please contact:
Amphion InnovationsCharlie Morgan+1 212 210 6224
Panmure Gordon Limited (Nominated Adviser and Corporate Broker)
Freddy Crossley / Duncan Monteith (Corporate Finance)Charlie Leigh-Pemberton (Corporate Broking)+44 (0)20 7886 2500
Northland Capital Partners Limited (Joint Corporate Broker) Patrick Claridge / David Hignell (Corporate Finance)John Howes (Corporate Broking)+44 (0)20 7382 1100
About Amphion Innovations plc
Amphion Innovations is a developer of medical, life science and technology businesses. We use our extensive experience in company building to invest and build shareholder value in high growth companies in the US and UK. Amphion has significant shareholding in 7 Partner Companies developing proven technologies targeting substantial commercial marketplaces. The Amphion model has been refined to optimise the commercialisation of patents and other intellectual property within the Partner Companies. The Partner Companies collectively own or control over 200 separately identified pieces of intellectual property, a number which grows rapidly each year.
On the web: www.amphionplc.com