Business
Completed New Funding with Institutional Investors
Completed New Funding with Institutional Investors.
About this update from Itaconix Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 2351B\n Itaconix PLC\n 09 June 2021\n \n \n \n THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO CONSTITUTE INSIDE INFORMATION FOR THE PURPOSES OF THE UK VERSION OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n \n \n Itaconix plc\n \n \n (\"\n \n Itaconix\n \n \" or the \"\n \n Company\n \n \"\n )\n \n \n Itaconix Completes New Funding with Institutional Investors\n \n \n \n \n Itaconix (AIM: ITX) (OTCQB: ITXXF), a leading innovator in sustainable specialty polymers, is pleased to announce a placement of new ordinary shares to raise £1.1 million by way of direct subscription with a new institutional investor together with existing institutional shareholder IP Group plc (\"IP Group\") (the \"Fundraise\"). The proceeds of the Fundraise will be used for general working capital purposes and new product development to further the Company's commercial progress. \n \n \n \n \n The Company\n will issue and allot a total of 9,091,115\n \n \n \n new ordinary shares (\"New Ordinary Shares\") at an issue price of 12.1 pence per share to satisfy the Fundraise. The issue price represents a 3.2 per cent. discount to the closing \n share price on 8 June 2021 of 12.5 pence.\n The New Ordinary Shares are being issued pursuant to the shareholder authorities granted to the Directors at the Company's 2020 AGM.\n \n \n \n \n \n Application is being made to the London Stock Exchange\n \n \n \n for these New Ordinary Shares, which will rank pari passu with the Company's existing Ordinary Shares, to be admitted to trading on \n AIM\n . Dealings in the New Ordinary Shares on AIM are expected to commence at 8:00 a.m. on 15 June 2021. \n \n The Company may in due course raise further equity funding utilising the remaining balance of the shareholder authorities granted to the Directors at the Company's 2020 AGM.\n \n Related Party Transaction\n \n IP Group has agreed to subscribe for 2,066,115 New Ordinary Shares (or approximately £250,000) pursuant to the Fundraise. As at the date of this announcement (prior to completion of the Fundraise), IP Group holds 48,291,523 existing ordinary shares representing app...