Business
Share Subscription and Issue of Equity
Share Subscription and Issue of Equity.
About this update from Faron Pharmaceuticals Oy
[{"type":"text","content":"\n \nRNS Number : 8796Y Faron Pharmaceuticals Oy 14 May 2019 \n\nFaron Pharmaceuticals Ltd\n(\"Faron\" or the \"Company\")\n \n \nShare Subscription and Issue of Equity\n \nTotal Voting Rights\n \n \n \nTURKU - FINLAND, 14 May 2019 - Faron Pharmaceuticals Ltd (\"Faron\") (AIM: FARN), the clinical stage biopharmaceutical company, announces a subscription for new ordinary shares in aggregate in the capital of the Company (\"Ordinary Shares\") at a price of EUR 0.7598 (£0.65) per share (\"Issue Price\") (the \"Subscription\") raising gross proceeds of approximately EUR 1.34 million. \n \nTimo Syrjälä and Acme Investments SPF Sarl (\"Acme\"), an entity wholly owned by Mr Syrjälä, an existing shareholder in the Company, has subscribed for 1,757,375 Ordinary Shares (the \"Subscription Shares\") for a subscription value of EUR 1.34 million (£1.15 million). Following this Subscription, Mr Syrjälä's total holding in the Company's shares, which includes his indirect holding through Acme, is 4,519,375 shares, representing 12.14 per cent. of the enlarged issued share capital.\n \nThe Ordinary Shares are being issued by the Company pursuant to the remaining balance of the Directors' existing authority to allot ordinary shares in the capital of the Company for cash on a non-pre-emptive basis, as approved by shareholders at the Company's last annual general meeting which was held on 31 May 2018. \n \nThe net proceeds of the Subscription are expected to extend the Company's working capital into mid-Q4 2019 and will also be applied towards advancement of the Company's key products in line with the Company's strategy set out in the recent placing announcement on 26 March 2019 and the annual results announcement on 7 May 2019. The Company will continue to explore further funding opportunities and in particular continue its discussions with potential licensing partners.\n \nThe Ordinary Shares are fully paid and will rank pari passu in all respects with the existing Ordinary Shares, including the right to receive all dividends or other distributions made, paid or declared in respect of such shares after Registration. \n \nApplication has been made to the London Stock Exchange for admission to AIM of the 1,757,375 Subscription Shares (\"Admission\"), and it is expected that Admission will ...