Business
Placing of Shares
Placing of Shares.
About this update from Hvivo Plc
[{"type":"text","content":"\n \nRNS Number : 7491B Venn Life Sciences Holdings PLC 11 June 2019 \n\nTHIS ANNOUNCEMENT, AND THE INFORMATION CONTAINED HEREIN, IS RESTRICTED AND NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES OF AMERICA, CANADA, THE REPUBLIC OF SOUTH AFRICA, AUSTRALIA, JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. \nTHIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE OR CONTAIN ANY INVITATION, SOLICITATION, RECOMMENDATION, OFFER OR ADVICE TO ANY PERSON TO SUBSCRIBE FOR, OTHERWISE ACQUIRE OR DISPOSE OF ANY SECURITIES IN VENN LIFE SCIENCES HOLDINGS PLC OR ANY OTHER ENTITY IN ANY JURISDICTION. NEITHER THIS ANNOUNCEMENT NOR THE FACT OF ITS DISTRIBUTION SHALL FORM THE BASIS OF, OR BE RELIED ON IN CONNECTION WITH, ANY INVESTMENT DECISION IN RESPECT OF VENN LIFE SCIENCES HOLDINGS PLC. \n \n11 June 2019\nVenn Life Sciences Holdings Plc\n(\"Venn Life Sciences\" or the \"Company\")\nPlacing of 80,357,142 new Ordinary Shares at 5.6 pence per share to raise £4.5 million before expenses\nPosting of Admission Document, Circular and Notice of General Meeting\nFurther to the announcement of 10 May 2019 of the conditional acquisition of Open Orphan DAC (\"Open Orphan\") and proposed fundraise, Venn Life Sciences, an Integrated Drug Development Partner offering a combination of drug development expertise and clinical trial design and management to pharmaceutical, biotechnology and medical device organisations, announces that it has successfully raised £4.5 million before expenses (the \"Placing\"). The Acquisition, Placing and required Rule 9 Waiver under the UK Takeover Code (the \"Proposals\") require shareholder consent as outlined below. \nThe Placing\nThe Company has conditionally raised £4.5 million (before expenses) by the proposed issue of 80,357,142 new Ordinary Shares at the Placing Price of 5.6 pence per Ordinary Share. The Placing Shares will represent approximately 32% of the Enlarged Share Capital at Admission.\nThe Company and Arden have today entered into the Placing Agreement, pursuant to which Arden has agreed to use its reasonable endeavours to procure subscribers for the Placing Shares on behalf of the Company.\nThe Placing is conditional, inter alia, upon the Placing Agreem...