Business
Placing & Subscription to raise up to £0.65m
Placing & Subscription to raise up to £0.65m.
About this update from Hvivo Plc
[{"type":"text","content":"\n \nRNS Number : 5056T Venn Life Sciences Holdings PLC 04 July 2018 \n\n \nTHIS ANNOUNCEMENT IS RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF IRELAND, THE REPUBLIC OF SOUTH AFRICA, OR JAPAN OR ANY JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL. THIS ANNOUNCEMENT SHALL NOT CONSTITUTE AN OFFER TO SELL OR ISSUE OR THE SOLICITATION TO BUY, SUBSCRIBE FOR OR OTHERWISE ACQUIRE ANY ORDINARY SHARES OF VENN LIFE SCIENCES HOLDINGS PLC IN ANY JURISDICTION IN WHICH ANY SUCH OFFER OR SOLICITATION WOULD BE UNLAWFUL.\n \n \nVenn Life Sciences Holdings Plc\n(\"Venn\" or the \"Company\" or \"the Group\")\n \nPlacing and Subscription to raise up to £0.65 million\nand Notice of General Meeting\n \nVenn Life Sciences (AIM: VENN), an Integrated Drug Development Partner offering a combination of drug development expertise and clinical trial design and management to pharmaceutical, biotechnology and medical device clients, announces it has conditionally raised up to approximately £0.65 million, before expenses, through the issue of an aggregate of up to 10,833,335 new Ordinary Shares (the \"Fundraising\") at 6 pence per Ordinary Share.\n \nThe Fundraising comprises a conditional placing of 8,750,001 new Ordinary Shares, which has been arranged by Hybridan, and a conditional subscription for up to 2,083,334 new Ordinary Shares. It is the intention of Allan Wood, the Company's Chairman, and Mary Sheahan, a Non-Executive Director, to subscribe for, in aggregate, up to 916,667 of those new Ordinary Shares. \n \nThe New Ordinary Shares have been placed with, and subscribed for by, existing shareholders and directors of the Company and other investors.\n \nThe Fundraising is conditional upon, inter alia, the Company obtaining approval from its Shareholders to grant the Board authority to allot and issue the New Ordinary Shares and to disapply pre-emption rights in relation to such allotments, Admission becoming effective and the Placing Agreement made between, amongst others, the Company and Hybridan LLP becoming unconditional and not being terminated in accordance with its terms.\n \nThe Issue Price represents a discount of 9.4 per cent. to the closing m...