Business
NSCI Participates in $45m PDS Equity Issue
NSCI Participates in $45m PDS Equity Issue.
About this update from Emv Capital Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0706C\n NetScientific PLC\n 16 June 2021\n \n \n \n \n NetScientific plc\n \n \n (\"NetScientific\", the \"Group\" or the \"Company\")\n \n \n \n \n \n NetScientific participates in PDS Biotechnology $45m equity issue and related party transaction\n \n \n \n \n London, UK - 16 June 2021\n \n - NetScientific plc (AIM: NSCI), the international life sciences and sustainability technology investment and commercialisation Group, announces that its portfolio company PDS Biotechnology Corporation (\"PDS\") (Nasdaq: PDSB) yesterday announced an issue of c.5.3 million new shares of common stock to raise gross proceeds of c.USD45 million (\"New Issue\"). NetScientific currently owns 1,278,000 shares of PDS' common stock, representing 5.7% of its fully diluted share capital prior to the issue.\n \n \n The Board of NetScientific believes that PDS has made excellent progress since its last fund raising and has therefore agreed to subscribe US$510,000 (c. £363,000) for 60,000 shares of common stock in the New Issue, which would result in its interest in PDS amounting to c. 4.86 per cent. on a fully diluted basis upon completion of the New Issue.\n \n \n In order to finance the subscription, NetScientific has today amended its £500,000 loan facility with Beckman Group, originally announced on 11 February 2020, to allow repaid sums to be drawn down again. The facility incurs interest of 10.0% pa on drawn amounts and is secured on the whole of NetScientific's interest in PDS. The Board intends to repay the loan out of the proceeds of the placing announced on 10 June 2021, which is expected to be received on 29 June 2021.\n \n \n As Beckman Group is associated with M A Lawson, who is interested in 22% of NetScientific's issued share capital, the secured loan facility represents a related party transaction in accordance with Rule 13 of the AIM Rules for Companies. The Directors of NetScientific consider, having consulted the Company's nominated adviser, that the terms of the facility are fair and reasonable insofar as its shareholders are concerned.\n \n \n \n Dr. Ilian Iliev, CEO of NetScientific and Board Member at PDS Biotechnology said:\n \n \n \"Following a transformational year for PDS, and growing market recognition of the potential of its Versamune® platform, this latest investment prov...