11 Oct 2018 07:00
11 October 2018
Integumen plc
("Integumen" or "the Company")
Update on Placing and Subscription
The Company provides an update further to the announcement of 27 September 2018.
Funding
As announced on 27 September 2018 the Company has been provided with access to working capital from an unsecured loan facility provided by Cellulac plc with an interest rate of 0% on funds drawn.
It has been agreed in principle by Integumen and Cellulac, that this zero-interest facility is being extended until 30 April 2019 by up to an additional £300,000. Along with funds already loaned to Integumen, the total amount is not expected to exceed £400,000. Further amounts drawn down under the facility will be subject to the same conditions. The funds drawn under this arrangement will not fall as repayable until completion of an alternative funding arrangement or completion of any corporate transaction requiring Integumen shareholders' approval under AIM Rule 14. The Directors intend to draw on the facility as required to meet the Company's ongoing working capital needs.
The above non-dilutive funding facility is taking the place of the second tranches of the Placing and Subscription (previously announced on 16 July 2018, 19 July 2018 and 24 July 2018) which will not now proceed.
Investment in Cellulac
It is expected that completion of Integumen's acquisition of a 9.35% stake in Cellulac plc will take place shortly. Further details will be notified in due course.
Integumen plc | Gerard Brandon, Chief Executive
| +44 (0) 1223 926 660 |
SPARK Advisory Partners Limited (Nominated Adviser)
| Neil Baldwin/Andrew Emmott | +44 (0) 113 370 8974 |
Hybridan LLP (Broker) | Claire Noyce | +44 (0) 20 3764 2341 |