Business
Completion of £25m Equity Fin
Completion of £25m Equity Fin.
About this update from Provexis Plc
[{"type":"text","content":"\n RNS Number : 4705J Provexis PLC 31 March 2010 \n \n\nProvexis PLC (Provexis\")\n \nCompletion of £25 million Equity Financing Facility\n \nProvexis plc (PXS.L), which focuses on the discovery, development and licensing of scientifically-proven functional food, medical food and dietary supplement technologies, is pleased to announce that it has secured a 3 year Equity Financing Facility of up to £25m (the \"EFF\") with Evolution Securities Limited (\"Evolution\"). The EFF has been arranged by Darwin Strategic Limited (\"Darwin\"), an appointed representative of Evolution.\n \nTerms of the EFF\n \nThe EFF agreement, which is dated 30 March 2010, provides Provexis with a facility which (subject to certain limited restrictions) can be drawn down at any time over the next 3 years. The timing and amount of any draw down is at the discretion of Provexis. Provexis is under no obligation to make a draw down and may make as many draw downs as its wishes, up to the total value of the EFF, by way of issuing subscription notices to Evolution. Following delivery of a subscription notice, Evolution will subscribe and Provexis will allot to Evolution new ordinary shares of 0.1p each (\"Ordinary Shares\").\n \nThe subscription price for any Ordinary Shares to be subscribed by Evolution under a subscription notice will be at a 7.5% discount to an agreed reference price determined during 5, 10 or 15 trading days following delivery of a subscription notice (the \"Pricing Period\"). The length of the Pricing Period is at the discretion of Provexis and is set at each relevant subscription notice. Provexis is also obliged to specify in each subscription notice a minimum price below which Ordinary Shares will not be issued.\n \nThe maximum number of Ordinary Shares which may be issued under any individual subscription notice will primarily be determined by reference to the average daily trading volume of Provexis' ordinary shares over the 15 trading days preceding the issue of the relevant subscription notice, although this may be reduced in certain circumstances, including where the minimum price is not maintained. There is also an over-allotment facility available to Provexis, under which (and subject to the agreement of Evolution) Provexis may, at anytime before the issue of the new Ordinary Shares ...