Business
Additional SEDA Drawdown
Additional SEDA Drawdown.
About this update from Physiomics Plc
[{"type":"text","content":"\n \nRNS Number : 1902I Physiomics PLC 01 July 2013 \n \n\n \nPhysiomics plc\n(\"Physiomics\") or (\"the Company\") \n \nDrawdown of SEDA Arrangement\nExecution of Loan Agreement\nIssue of Equity\nPhysiomics plc (AIM: PYC), the Oxford, UK based systems biology company, is pleased to announce that it has drawn down £85,000 in two separate arrangements with YA Global Master SPV Ltd (\"YA\").\nIn accordance with the terms of the Company's Standby Equity Distribution Agreement (\"SEDA\"), which were announced on 22 January 2013, Physiomics has drawn down £20,000 under the SEDA and accordingly has today issued 16,155,088 Ordinary Shares at a price of 0.1238p (\"Ordinary Shares\"). Application has been made for the new Ordinary Shares to be admitted to trading on AIM and dealings are expected to commence on 5 July 2013.\nIn addition, Physiomics has today drawn down £65,000 pursuant to a new loan agreement entered into with YA, which is linked to the SEDA (the \"Loan\"). The Loan is to be repaid from future drawdowns by Physiomics under the SEDA.\nInterest accrues on the Loan after 30 days from drawdown at a rate of 10% per annum and the Loan is repayable on demand in the event of a breach of the terms of the Loan Agreement or if SEDA ceases to be in full force and effect.\nFollowing this issue of Ordinary Shares, the total number of shares in issue will increase to 1,522,705,162.\nCommenting on the deal, Mark Chadwick, CEO of Physiomics said \"This draw down serves to supplement our cash reserves and allow us to pursue in house programmes. We believe this is a cost effective way of raising supplementary finance, especially in the current funding climate, with minimal dilution for existing shareholders and is in line with the Board strategy that led the Company to negotiate the SEDA facility.\"\n \nEnquiries:\n \nPhysiomics plc \nMark Chadwick \n+44 (0)1865 784980\n \nWH Ireland Limited\nKaty Mitchell\n+44 (0) 161 832 2174\n \n \nAbout Physiomics plc\n \nPhysiomics (AIM:PYC) is a comput...