Business
Proposed Fundraising
Proposed Fundraising.
About this update from Gunsynd Plc
[{"type":"text","content":"\n RNS Number : 5752I Syntopix Group plc 15 March 2010 \n \n\n \n \n\n\n\n\nPress Release\n\n\n15 March 2010\n\n\n\n\n \nSyntopix Group plc\n(\"Syntopix\" or \"the Company\" or \"the Group\")\n \nProposed Fundraising\n \nSyntopix Group plc (AIM:SYN), the company focused on topical antimicrobial innovations for products in the medicine and consumer healthcare markets, announces today that it is proposing to raise up to £2 million (approximately £1.91 million net of expenses) pursuant to a placing of 2,997,013 ordinary shares of 10 pence each in the Company (the \"Placing Shares\") at an issue price of 67 pence per share (the \"Placing Price\") (\"Placing\").\n \nThe net proceeds of the Placing will be used by the Group to undertake further human use studies with its lead compounds, which the Group expects to commence during 2010, as additional working capital to fund the Group's ongoing research and business development activities and for maintaining and further developing the Company'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 to shareholders convening a General Meeting of the Company, to be held at the offices of Walker Morris, Kings Court, 12 King Street, Leeds, LS1 2HL at 11.00 a.m. on 31 March 2010 (the \"General Meeting\"), to approve (in accordance with the Companies Act 2006) the issue of 2,997,013 Placing Shares.\n \nMembers of the Board will be subscribing for, in aggregate, 388,806 Placing Shares under the Placing. In addition, IP2IPO Limited will be subscribing for 559,703 Placing Shares and IP Venture Fund, a fund managed by Top Technology Limited (a subsidiary of IP Group plc), will be subscribing for 559,702 Placing Shares.\n \nFollowing the issue of the Placing Shares, the Directors will be interested in an aggregate of 1,068,014 Ordinary Shares representing approximately 9.97 per cent of the issued share capital of the Company, as enlarged by the Placing. \n \nThe Placing\nThe Company is proposing to raise £2 million, before expenses, by way of a conditional placing of the Placing Shares at the Placing Price. The Placing Price represents a discount of 9.46 per cent. to the closing mid market price of the Ordinary Shares ...