Business
Fundraising to raise gross proceeds of up to £11m
Fundraising to raise gross proceeds of up to £11m.
About this update from Cambridge Nutritional Sciences Plc
[{"type":"text","content":"\n \n \n RNS Number : 5033Q\n Omega Diagnostics Group PLC\n 19 June 2020\n \n \n \n \n THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONTAIN INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (\"MAR\"). UPON THE PUBLICATION OF THE ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN AND SUCH PERSONS SHALL THEREFORE CEASE TO BE IN POSSESSION OF INSIDE INFORMATION.\n \n \n \n \n \n 19 June 2020\n \n \n \n \n \n Omega Diagnostics Group PLC\n \n \n (\"Omega\" or the \"Company\" or the \"Group\")\n \n \n \n \n \n Fundraising to raise gross proceeds of up to £11 million \n \n \n Funds to further COVID-19 testing opportunities and scale up manufacturing\n \n \n \n \n \n Notice of General Meeting \n \n \n \n \n \n \n \n \n Omega Diagnostics Group (AIM: ODX), the medical diagnostics company focused on CD4 and food intolerance testing, announces that it has raised gross proceeds of £8 million via a heavily oversubscribed Placing and Subscription of 20,000,000 new ordinary shares of 4 pence each (\"New Ordinary Shares\") to both new and existing institutional investors and a number of wealth managers at an issue price of 40 pence per New Ordinary Share (the \"Issue Price\"). \n \n \n \n \n \n Furthermore, the Company proposes to raise up to an additional £3 million by the issue of up to 7,531,100 New Ordinary Shares pursuant to an Open Offer to Qualifying Shareholders at the Issue Price (\"Open Offer\", together with the Placing and Subscription the \"Fundraising\"). The Issue Price represents a discount of approximately 27 per cent to the closing mid-market price of 55 pence on 18 June 2020, being the latest practicable date prior to this announcement. This discount reflects the rapid rise in the Company's share price from 11 pence on 8 April 2020, immediately prior to announcement of Omega's participation in the UK Rapid Test Consortium. \n \n \n \n \n \n The net proceeds of the Fundraising, amounting to between £7.5 million and £10.5 million, depending on the take up of the Open Offer, will be used to exploit opportunities the Company currently has with COVID-19 testing, to scale up manufacturing, to undertake work to improve the margin of its VISITECT® CD4 products and to expand it...