Business
Subscription to raise c.£635,000
Subscription to raise c.£635,000.
About this update from Cambridge Nutritional Sciences Plc
[{"type":"text","content":"\n \nRNS Number : 7638Z Omega Diagnostics Group PLC 22 May 2019 \n\n \nOmega Diagnostics Group PLC\n(\"Omega\" or \"the Company\" or the \"Group\")\n \nSubscription to raise c.£635,000\n \nOmega (AIM: ODX), the medical diagnostics company focused on allergy, food intolerance and infectious disease, announces that it has raised £634,795 before expenses, by way of a subscription (the \"Subscription\") for 6,347,950 new ordinary shares of 4 pence each in the capital of the Company (\"Subscription Shares\") at 10 pence per Subscription Share (the \"Subscription Price\") from a small number of significant investors. The net proceeds from the Subscription will be used for ongoing working capital purposes whilst the Board continues its strategy to realise value in the short-term in-line with its strategic review as well as building value through more rapid exploitation of the opportunity in CD4 testing at the point-of-care.\n \nColin King, CEO of Omega Diagnostics, commented: \"We are pleased with the support shown from our existing shareholders as the Company progresses with its Strategic Review. These funds will help with working capital as the Group looks to exploit the opportunity available to them surrounding VISITECT® CD4 testing at the point-of-care level with the aim of helping people living with HIV globally.\"\n \nRelated Party Opinion\n \nRichard Sneller and Harwood Capital LLP (\"Harwood\") have agreed to subscribe for 3,000,000 and 1,847,950 Subscription Shares respectively as part of the Subscription. Richard Sneller and Harwood are deemed to be a related party of the Company under the AIM Rules for Companies (\"AIM Rules\") by virtue of their status as substantial shareholders of the Company. The Directors consider, having consulted with the Company's nominated adviser, finnCap, that the terms of the Subscription with such related parties are fair and reasonable insofar as the Company's shareholders are concerned.\n \nDetails of the Subscription\n \nThe Subscription will result in the issue of 6,347,950 Subscription Shares, representing approximately 4.76 per cent. of the Company's issued ordinary share capital as enlarged by the Subscription.\n \nThe Subscription Price represents a premium of approximately 1.52 per cent. to the closing mid-market price on 21 May 2019, t...