Business
Proposed fundraising
Proposed fundraising.
About this update from Gunsynd Plc
[{"type":"text","content":"\n RNS Number : 0433Z Syntopix Group plc 15 July 2008 \n \n\n\nSYNTOPIX GROUP PLC\n\nPROPOSED FUNDRAISING\n\nSyntopix Group plc ('Syntopix Group' or 'the Company') (AIM:SYN), the company focused on antimicrobial pharmaceutical research and development, announces it is proposing to raise £1.5 million (approximately £1.49 million net of expenses) pursuant to a placement of 2,000,756 ordinary shares of 10 pence each in the Company (the 'Placing Shares') at an issue price of 75 pence per share (the 'Placing Price') ('Placing'). \n\nThe funds raised under the Placing will be used for additional working capital to fund Syntopix Group's ongoing research and business development activities and in maintaining and further developing Syntopix Group's intellectual property portfolio.\n\nApproval of the Company's shareholders is required in order to complete the issue of the Placing Shares. Accordingly, notice has been sent convening a General Meeting of the Company, to be held at the Company's registered office, Institute of Pharmaceutical Innovation, University of Bradford, Bradford, BD7 1DP at 10.00am on 6 August 2008 (the 'General Meeting'), to approve (in accordance with the Company's Articles of Association) the issue of 2,000,756 Placing Shares. \n\nMembers of the Board will be subscribing for, in aggregate, 66,000 Placing Shares under the Placing (representing 3.30 per cent. of the Placing). In addition, IP2IPO Limited (a subsidiary of IP Group plc) will be subscribing for 435,711 Placing Shares and IP Venture Fund, a fund managed by Top Technology Ventures Limited (a subsidiary of IP Group plc), will be subscribing for 435,711 Placing Shares (together representing 43.55 per cent. of the Placing).\n\nThe Placing\n\nAs previously ...