10 February 2011
Sareum Holdings plc
("Sareum" or "the Company")
Placing to raise £500,000
The Company announces that, following investor demand, it has conditionally
raised £500,000, before expenses, by way of a placing by Hybridan LLP of
50,000,000 new ordinary shares of 0.025p each in the capital of the Company (the
"Placing Shares") at 1p per share, representing a 40 per cent. discount to the
closing market price of 1.65 pence on 8 February 2011, the price which formed
the basis for the Board's decision to undertake the placing. The Placing Shares
have been issued to Xcap Securities plc, on behalf of its clients.
Following the results of the recent study that was announced on 7 February 2011
Sareum intends to use the proceeds of the placing to accelerate the advancement
of the Aurora+FLT3 Kinase leukaemia drug discovery programme and for working
capital generally.
It is the Board's view that the placing is the most appropriate means of
providing capital to accelerate its drug discovery programmes and to provide
working capital for the Company. The cost of funds raised through the placing
are substantially less than those for an open offer or a rights issue to
shareholders.
Application will be made to the London Stock Exchange for the Placing Shares to
be admitted to trading on AIM and it is expected that admission will become
effective and trading will commence on 15 February 2011. The Placing Shares will
rank pari passu with the existing ordinary shares of the Company.
Following the admission of the Placing Shares to trading on AIM, the Company
will have a total of 1,450,597,713 shares in issue.
Enquiries:
Sareum Holdings plc
Tim Mitchell 01223 497 700
Merchant Securities Limited (NOMAD)
Simon Clements/Bidhi Bhoma 020 7628 2200
Hybridan LLP (Broker)
Claire Noyce 020 7947 4350
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Source: SAREUM HOLDINGS PLC via Thomson Reuters ONE
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