Business
Issue of Equity and Bracknor Facility Update
Issue of Equity and Bracknor Facility Update.
About this update from Valirx Plc
[{"type":"text","content":"\n \nRNS Number : 1719F ValiRx PLC 26 July 2016 \n\n \nValiRx Plc\n(\"ValiRx\" or \"the Company\" or \"the Group\")\n \nIssue of Equity and Discontinuation of Bracknor Facility\nValiRx Plc (AIM: VAL), a life science company with a focus on cancer diagnostics and therapeutics for personalised medicine, announces that further to the announcement made on 18 May 2016, it has received a conversion notice from Bracknor to convert £70,000 of the Convertible Loan Notes (\"CLNs\") into ordinary shares of the Company (the \"Conversion\"). Following the Conversion £180,000 CLNs remain in issue.\n \nIssue of Equity\nAs a consequence of the Conversion, the Company has conditionally issued and allotted 1,093,750 ordinary shares at a price of 6.4p per share in the Company in consideration of the £70,000 loan note. The 1,093,750 ordinary shares will rank pari passu with the existing ordinary shares. Application for the 1,093,750 ordinary shares has been made to the London Stock Exchange and trading in these shares is expected to commence on or around 1 August 2016.\n \nFollowing the issue of equity above the Company's issued share capital will comprise of 53,477,237 ordinary shares.\n \nDiscontinuation of the use of the Bracknor facility\n \nThe directors have resolved not to issue any further CLNs pursuant to the Bracknor facility.\n \nThe terms of the Bracknor facility were initially announced on 21 March 2016. As at the date of this announcement the Company has issued £1 million of CLNs to Bracknor, of which £180,000 remain outstanding. Warrants have also been issued to Bracknor in relation to the CLNs issued to date as previously announced.\n \n*** ENDS ***\n \nFor more information, please contact:\n \n\n\n\n\nValiRx plc\n\n\nTel: +44 (0) 20 3008 4416\nwww.valirx.com\n\n\n\n\nDr Satu Vainikka, Chief Executive\n\n\nTel: +44 (0) 20 3008 4416\n\n\n\n\nTarquin Edwards, Head of Communications.\n\n\nTel: +44 (0) 7879 458 364\[email protected]\n\n\n\n\nMark Treharne, Corporate Development Manager\n\n\nTel: +44 (0) 7736 564 686\[email protected]\n\n\n\n\n\n\n\n\n\n\n\n\nCairn Financial Advisers LLP (Nominated Adviser)\n\n\nTel: +44 (0) 20 7148 7900\n\n\n\n\nLiam Murray / Jo Turner\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNorthland Capital Partners Limited ...