Business
Issue of Equity
Issue of Equity.
About this update from Sareum Holdings Plc
[{"type":"text","content":"\n \n\n\n\n\n 10 February 2011\n\n Sareum Holdings plc\n (\"Sareum\" or \"the Company\")\n\n Placing to raise £500,000\n\nThe Company announces that, following investor demand, it has conditionally\nraised £500,000, before expenses, by way of a placing by Hybridan LLP of\n50,000,000 new ordinary shares of 0.025p each in the capital of the Company (the\n\"Placing Shares\") at 1p per share, representing a 40 per cent. discount to the\nclosing market price of 1.65 pence on 8 February 2011, the price which formed\nthe basis for the Board's decision to undertake the placing. The Placing Shares\nhave been issued to Xcap Securities plc, on behalf of its clients.\n\nFollowing the results of the recent study that was announced on 7 February 2011\nSareum intends to use the proceeds of the placing to accelerate the advancement\nof the Aurora+FLT3 Kinase leukaemia drug discovery programme and for working\ncapital generally.\n\nIt is the Board's view that the placing is the most appropriate means of\nproviding capital to accelerate its drug discovery programmes and to provide\nworking capital for the Company. The cost of funds raised through the placing\nare substantially less than those for an open offer or a rights issue to\nshareholders.\n\nApplication will be made to the London Stock Exchange for the Placing Shares to\nbe admitted to trading on AIM and it is expected that admission will become\neffective and trading will commence on 15 February 2011. The Placing Shares will\nrank pari passu with the existing ordinary shares of the Company.\n\nFollowing the admission of the Placing Shares to trading on AIM, the Company\nwill have a total of 1,450,597,713 shares in issue.\n\nEnquiries:\n\n Sareum Holdings plc\n\n Tim Mitchell 01223 497 700\n\n\n\n Merchant Securities Limited (NOMAD)\n\n Simon Clements/Bidhi Bhoma 020 7628 2200\n\n\n\n Hybridan LLP (Broker)\n\n Claire Noyce 020 7947 4350\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThis announcement is distributed by Thomson Reuters on behalf of \nThomson Reuters clients. The owner of this announcement warrants that: \n(i) the releases contained herein are protected by copyright and \n other applicable laws; and \n(ii) they are solely responsible for the content, accuracy and \n originality of the information contained therein. \n \nSource: SAREUM HOLDINGS PLC via Thomson Reuters ONE\n\n[HUG#1487359]...