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Pin to quick picksProvexis Regulatory News (PXS)

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Draw Down of Funds and Issue of Equity

9 Dec 2014 07:00

RNS Number : 1876Z
Provexis PLC
09 December 2014
 

9 December 2014

Provexis plc

 

Draw Down of Funds and Issue of Equity

 

Provexis plc ("Provexis" or the "Company"), the business that develops and licenses the proprietary, scientifically-proven Fruitflow® heart-health functional food ingredient, has raised net proceeds of £125,000 by drawing down on its Equity Financing Facility ("EFF") with Darwin Strategic Limited ("Darwin").

 

Under the terms of the EFF agreement the Company has allotted, conditional on admission to trading on AIM, 23,030,330 new ordinary shares of 0.1p each to Darwin (the "New Provexis Shares"). The New Provexis Shares have been issued at a gross 0.59p per share and rank pari passu in all respects with the existing ordinary shares of 0.1p each in Provexis.

 

The draw down represents a discount of 7.2 per cent to the closing mid-market price per Ordinary Share on 8 December 2014, being the latest practicable date prior to this announcement. The net proceeds raised by the draw down were linked to the floor price set by the Directors during the draw down.

 

Application will be made to the London Stock Exchange for the 23,030,330 New Provexis Shares to be admitted to trading on AIM. It is expected that the admission will become effective and that trading in the New Provexis Shares will commence on 15 December 2014 ("Admission").

 

Following Admission, the Company's enlarged issued share capital will comprise 1,584,845,944 ordinary shares with voting rights. The Company does not hold any shares in treasury. This figure of 1,584,845,944 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

 

Dawson Buck, Chairman of Provexis plc, commented:

 

"On 18 November 2014 the Company announced it had signed a two stage collaboration agreement with the University of Oslo to undertake further research into the relationship between Fruitflow and blood pressure regulation. The Company is ideally positioned to develop technologies designed to extend the existing 'healthy blood flow' product claims of Fruitflow and the collaboration is expected to be an important step in maximising the opportunities available to commercialise Fruitflow.

 

The Board is pleased with the outcome of the draw down which has resulted in little dilution to shareholders. The draw down will more than fund the expected costs of the two stage blood pressure collaboration agreement and the associated patent filings, and it will further strengthen the Company's balance sheet."

 

 

- ends -

 

For further information please contact:

 

Provexis plc Tel: 07917 670260

Dawson Buck, Chairman enquiries@provexis.com

Ian Ford, Finance Director

 

Cenkos Securities plc Tel: 020 7397 8900

Bobbie Hilliam

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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