Business
Fundraising to raise gross proceeds of up to £7m
Fundraising to raise gross proceeds of up to £7m.
About this update from Cambridge Nutritional Sciences Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3664B\n Omega Diagnostics Group PLC\n 11 February 2022\n \n \n \n \n \n \n \n The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.\n \n \n \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 £7.0 million \n \n \n \n \n \n Funds to drive growth in profitable Health & Nutrition business,\n \n \n and to provide the necessary finance to relocate CD4 production to new Ely site\n \n \n \n \n \n Notice of General Meeting \n \n \n \n \n \n Omega (AIM: ODX), the specialist medical diagnostics company focused on industry-leading Health & Nutrition and Global Health (CD4 and COVID-19) products, announces that it has raised gross proceeds of £5.0 million via a Placing and Subscription of 100,000,000 new ordinary shares of 4 pence each (\"New Ordinary Shares\") to new institutional investors and a number of wealth managers at an issue price of 5 pence per New Ordinary Share (the \"Issue Price\"). \n \n \n \n \n \n Furthermore, the Company also proposes to raise up to an additional £2.0 million by the issue of up to 40,596,089 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 31 per cent to the closing mid-market price of 7.25 pence on 10 February 2022, being the latest practicable date prior to this announcement. \n \n \n \n \n \n The net proceeds of the Fundraising, amounting to between £4.6 million and £6.6 million, depending on the take up of the Open Offer, will be used to drive growth in the profitable and growing Health and Nutrition Business, whilst also providing the necessary finance to relocate CD4 production to the Company's new, purpose-built manufacturing facility in Ely, Cambridgeshire, as well as supporting a transition to a sub-contract model for COVID-19 test manufacture.\...