Last checked at 2 Mar 2020 07:00
Polarean Imaging Plc
("Polarean" or the "Company")
Exercise of Warrants
Polarean Imaging plc (AIM: POLX), the medical‑imaging technology company, with a proprietary drug‑device combination product for the magnetic resonance imaging (MRI) market, announces that it has issued 232,010 new ordinary shares of £0.00037 each in the capital of the Company ("Ordinary Shares") at par value (the "New Shares"), following the exercise of warrants by Amphion Innovations plc ("Amphion").
The consideration received by the Company pursuant to the warrant exercise will be approximately US$45,000.
Application will be made for the New Shares, which will rank pari passu with existing Ordinary Shares, to be admitted to trading on AIM ('Admission'). It is expected that Admission will become effective and dealings will commence at 8:00 a.m. on or around 6 March 2020.
Following Admission, Amphion will hold 232,010 Ordinary Shares, representing 0.2% of the Company's issued share capital with voting rights. After this exercise, Amphion does not hold any Polarean warrants.
Total Voting Rights
Following Admission, the total issued share capital of the Company will consist of 114,670,610 Ordinary Shares. This number may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
Contacts:
Polarean Imaging plc | www.polarean.com / www.polarean-ir.com | |||
Richard Hullihen, Chief Executive Officer Jonathan Allis, Chairman | Via Walbrook PR
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SP Angel Corporate Finance LLP Nomad and Broker | Tel: +44 (0)20 3470 0470 | |||
David Hignell / Soltan Tagiev (Corporate Finance) |
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Vadim Alexandre / Rob Rees (Corporate Broking) |
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Walbrook PR | Tel: +44 (0)20 7933 8780 or polarean@walbrookpr.com | |||
Paul McManus / Anna Dunphy | Mob: +44 (0)7980 541 893 / +44 (0)7879 741 001 | |||
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About Polarean (www.polarean.com)
The Company and its wholly owned subsidiary, Polarean, Inc. (together the "Group") are revenue generating, medical drug-device combination companies operating in the high resolution functional magnetic resonance imaging market.
The Group develops equipment that enables existing MRI systems to achieve an improved level of pulmonary function imaging and specialises in the use of hyperpolarised Xenon gas (129Xe) as an imaging agent to visualise ventilation and gas exchange regionally in the smallest airways of the lungs, the tissue barrier between the lung and the bloodstream and in the pulmonary vasculature. Xenon gas exhibits solubility and signal properties that enable it to be imaged within other tissues and organs.
The Group operates in an area of significant unmet medical need and the Group's technology provides a novel diagnostic approach, offering a non-invasive and radiation-free functional imaging platform which is more accurate than current methods. The annual burden of pulmonary disease in the US is estimated to be over US$150 billion.