Business
Proposed Placing and Amendment to GHIF Bond
Proposed Placing and Amendment to GHIF Bond.
About this update from Genedrive Plc
[{"type":"text","content":"\n \nRNS Number : 0203C Epistem Holdings plc 23 June 2016 \n\nTHIS ANNOUNCEMENT AND THE INFORMATION CONTAINED IN IT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, JAPAN, NEW ZEALAND, THE REPUBLIC OF SOUTH AFRICA OR THE UNITED STATES OR INTO ANY OTHER JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION OR BREACH OF ANY APPLICABLE LAW. PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS ANNOUNCEMENT.\nTHIS ANNOUNCEMENT IS NOT AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITIES AND NEITHER THIS ANNOUNCEMENT NOR ANYTHING HEREIN FORMS THE BASIS FOR ANY CONTRACT OR COMMITMENT WHATSOEVER. SECURITIES MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION UNDER THE SECURITIES ACT OR AN EXEMPTION FROM REGISTRATION AND THE SECURITIES DESCRIBED HEREIN WILL BE SOLD IN ACCORDANCE WITH ALL APPLICABLE LAWS AND REGULATIONS.\nTHE DEFINED TERMS SET OUT IN THE APPENDIX APPLY IN THIS ANNOUNCEMENT.\n23 June 2016\nEpistem Holdings plc (\"Epistem\" or the \"Company\")\nProposed Placing to raise £6.5 million at 80p per share\nAgreement reached to amend and restate GHIF Bond\nIn the interim results issued on 31 March 2016 the Company confirmed that it had been holding discussions with shareholders and other potential investors with regards to securing approximately £6.5 million (before expenses) of equity funding. Feedback from these discussions suggested that financial backing for the Company should be enhanced when a track record of sales in India for Genedrive® could be demonstrated and also focused on the maturity date for the GHIF Bond.\n \nOn 7 June 2016, the Company announced a business update which confirmed that the Company and GHIF had entered into heads of agreement to extend by two years the maturity date of the GHIF Bond to 21 July 2021, provided an update on activities in India since the launch of the Genedrive® platform and its first TB test in April 2016 in that country and confirmed a £2.5 million cornerstone investor had been identified in connection with the proposed equity raise.\n \nThe Company is pleased to announce today the details of a fundraising of £6.5 million (before expenses) by means of a conditional Placing through Peel Hunt with new and existing investors of 8,125,000 Placing Shares ...