Business
Subscription to raise £1,000,000
Subscription to raise £1,000,000.
About this update from Sareum Holdings Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0406I\n Sareum Holdings PLC\n 09 August 2021\n \n \n \n Sareum Holdings plc\n (\"Sareum\" or the \"Company\")\n Subscription to raise £1,000,000 to progress proprietary TYK2/JAK1 programmes into clinical development\n \n Cambridge, UK, 9 August 2021 - Sareum Holdings plc (AIM: SAR), the specialist drug development company, announces that it has raised £1,000,000, before expenses, through a subscription by a high net worth individual (the \"Subscriber\") for 12,121,212 new ordinary shares of 0.025p each in the capital of the Company (\"Ordinary Shares\") (the \"Subscription Shares\") at a price of 8.25p per share (the \"Subscription Price\") (the \"Subscription\").\n Under the terms of the Subscription, the new Subscriber will also be issued one and a quarter five-year warrants, exercisable at the Subscription Price, for every Subscription Share issued (the \"Subscription Warrants\"), which can only be exercised following the Company's closing middle market share price being above 10.25p per Ordinary Share for five consecutive days. The Subscription Price represents a discount of approximately 6.8 per cent. to the closing middle market price for Sareum shares on 6 August 2021.\n The net proceeds from the Subscription will be used to progress the Company's SDC-1801 and SDC-1802 TYK2/JAK1 inhibitor drug development programmes as well as for working capital purposes. As noted in the Company's Trading Update of 25 May 2021, the Company is targeting the filing of a Clinical Trials Approval for SDC-1801 in Q4 2021, subject to successful progress and no further delays with the final preclinical studies. Clinical trial plans, including priority autoimmune indications and potential Covid-19 application, will also be developed in parallel, subject to additional funding being raised.\n Application will be made for the 12,121,212 Subscription Shares, which will rank pari passu with the Company's existing Ordinary Shares, to be admitted to trading on the AIM market of the London Stock Exchange (\"AIM\") (\"Admission\"). It is anticipated that Admission will become effective at 8.00 am on 17 August 2021. The Subscription is subject to normal conditions including, inter alia, Admission.\n \n Total Voting Rights\n \n \n For the purpose of the Disclosure Guidance and Transparency Rules, following the above issue of ...