Business
Result of Placing & Subscription & Issue of Equity
Result of Placing & Subscription & Issue of Equity.
About this update from Faron Pharmaceuticals Oy
[{"type":"text","content":"\n \nRNS Number : 1138T Faron Pharmaceuticals Oy 09 October 2017 \n\nTHIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA, THE REPUBLIC OF IRELAND, NEW ZEALAND OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.\n \n \nFaron Pharmaceuticals Oy\n(\"Faron\" or the \"Company\")\n \nResults of the Placing and Subscription\nand\nIssue of Equity\n \nSuccessful over-subscribed fundraising of £10.0 million through Placing and Subscription\n \nTURKU - FINLAND, 4.30 P.M. BST, 9 October 2017 - Faron Pharmaceuticals Oy (\"Faron\" or \"Company\") (LON: FARN), the clinical stage biopharmaceutical company, is pleased to announce that, following the announcement on 5 October 2017, the proposed Placing and Subscription has been subscribed for in full, in satisfaction of the Placee Condition. Pursuant to the Placing and Subscription, the Company is raising approximately £10.0 million before expenses by way of the Placing of 1,123,750 Placing Shares and the Subscription of 126,250 Subscription Shares at the Issue Price of 800 pence per share. The Placing and Subscription have been supported by the participation of existing and new institutional shareholders. The Board of Directors of Faron has resolved on the issuance of the Placing Shares and the Subscription Shares pursuant to the existing authorisation granted by shareholders at the Company's Annual General Meeting held on 16 May 2017 and approved the subscriptions.\n \nThe First Issue Shares, being 537,713 Placing Shares, including those to be issued to the VCT Investors and the EIS Investors, and 59,885 Subscription Shares, are expected to be registered with the Finnish Trade Register on or about 10 October 2017. The First Issue Shares will, when registered, be credited as fully paid and will rank pari passu with the existing Ordinary Shares in issue in all respects, including the right to receive all dividends or other distributions declared, made or paid by the Company by reference to record dates falling after the date of registration of the First Issue Shares with the Finnish Trade Register.\n \nApplicat...