Placing
The Company has placed 13,333,333 new ordinary shares ('Placing Shares') at 7.5p per share ('Placing Price') raising gross proceeds of
Subscription
Certain directors have subscribed for new ordinary shares in the Company on the same terms as the Placing ('Subscription'). Details of the directors' subscriptions are set out below.
The participation of the directors in the Subscription is a related party transaction (the 'Transaction') , pursuant to the AIM Rules, as such the directors independent of the Subscription confirm that having consulted with the Company's nominated adviser that the terms of the Transaction are fair and reasonable insofar as shareholders are concerned.
Conversion
The Company has agreed to issue 390,666 new ordinary shares in the Company at a price of 7.5p per share in lieu of current liabilities of the Company amounting to
Broker Option
The broker option is a facility to allow existing shareholders of the Company, being shareholders of the Company who hold shares in the Company as at the close of business on
In order to allow Existing Shareholders to have an opportunity to subscribe for new ordinary shares in the Company at the Placing Price ('Broker Option Shares'), the Company has granted
The Broker Option will be exercised by
Participation in the Broker Option (other than at the discretion of the Broker) is only available to Existing Shareholders and all orders from such Existing Shareholders will be accepted and processed by
To subscribe for Broker Option Shares, Existing Shareholders should communicate their bid to
Each bid should state the number of Broker Option Shares the Existing Shareholder wishes to subscribe for at the Placing Price.
Use of Proceeds
The net proceeds of the placing will be used to (1) accelerate the implementation of the Company's strategy to incubate early stage clinical candidates (2) advance the development of its current clinical programs, and (3) for general working capital purposes.
Application to trading on AIM
Application will be made to the
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
Contact:
Tel: +44 (0) 20 7073 2628
Email: Suzanne.Dilly@valirx.com
Web: www.valirx.com
About ValiRx
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