The
The issue price of the Placing Shares represents a discount of approximately 32% to the closing middle market price of
The allotment of the Placing Shares is being made pursuant to existing authorities to allot shares and other relevant securities and to disapply pre-emption rights under section 551 of the Companies Act 2006, which the Directors were given at the Company's General Meeting held on
Use of Proceeds
The proceeds of the
Taking into account available cash resources and the expected Net Proceeds, the Company expects to have sufficient cash resources to fund operations into the fourth quarter of 2021.
Further information on the Placing
The Company and Turner Pope entered into a placing agreement ('Placing Agreement'), pursuant to which Turner Pope agreed to use its reasonable endeavours to procure placees pursuant to the
The Placing Agreement contains certain warranties and indemnities by the Company in favour of Turner Pope. It also contains provisions entitling Turner Pope to terminate the Placing Agreement prior to Admission if, among other things, a breach of any of the warranties occurs or on the occurrence of an event fundamentally and adversely affecting the position of the Company.
Contact:
Tel: +44 (0)1235 888300
Email: ir@midatechpharma.com
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