Draw Down of Funds and Issue of Equity

17 May 2012

Provexis plc

Draw Down of Funds and Issue of Equity

Provexis plc ("Provexis" or the "Company"), the life-science business that develops, licenses and markets scientifically-proven functional food and sports nutrition technologies, has raised net proceeds of £244,336 by drawing down on its Equity Financing Facility ("EFF") with Darwin Strategic Limited ("Darwin"). The EFF agreement was originally arranged by Darwin in March 2010, and Provexis announced that the agreement had been renewed on 8 November 2011.

Under the terms of the EFF agreement the Company has allotted, conditional on admission to trading on AIM, 13,197,880 new ordinary shares of 0.1p each to Darwin (the "New Provexis Shares"). The New Provexis Shares have been issued at a gross 2.001p per share and rank pari passu in all respects with the existing ordinary shares of 0.1p each in Provexis.

The draw down is the first undertaken by the Company since the renewal of the EFF in November 2011 and it represents a premium of 7.6 per cent to the closing mid-market price per Ordinary Share on 16 May 2012, 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 at the time of draw down.

Application will be made to the London Stock Exchange for the 13,197,880 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 23 May 2012 ("Admission").

Following Admission, the Company's enlarged issued share capital will comprise 1,487,030,095 ordinary shares with voting rights. The Company does not hold any shares in treasury. This figure of 1,487,030,095 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 FSA's Disclosure and Transparency Rules.

Stephen Moon, Chief Executive Officer of Provexis plc, commented:

"The Company decided earlier this month to raise a small amount of cash to fund some specific projects at Science in Sport ("SiS") which are expected to provide an attractive payback for SiS and the Company. The net proceeds from this drawdown provide funding for the projects and the Board is pleased that the new Ordinary Shares are to be issued at a premium to the current share price. The Company expects to release its full year results at the end of July and within these results the Board expects to provide shareholders with an update on all material commercial opportunities within both SiS and Fruitflow®."

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