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LONDON - ValiRx Plc (AIM:VAL), a life sciences company focused on early-stage cancer therapeutics and women’s health, announced plans to raise £902,000 through a share placement and retail offer.
The company will issue a total of 368,372,400 new ordinary shares, representing 49.60% of its enlarged share capital, according to a press release issued Tuesday.
The fundraising consists of a £740,000 placing of 296,000,000 shares, a £152,000 retail offer of 60,722,400 shares, and a £10,000 subscription of 4,000,000 shares. An additional 7,650,000 fee shares will also be issued.
All new shares will be priced at 0.25 pence per share. The company will also issue 368,372,400 fundraising warrants and 16,036,120 broker warrants following admission.
The first tranche of 112,304,600 placing shares is expected to be admitted to trading on AIM around November 6, with the remaining shares scheduled for admission around November 21, subject to shareholder approval.
ValiRx has scheduled a general meeting for November 20 at the offices of Fieldfisher LLP in London, where shareholders will vote on resolutions related to the fundraising.
The company noted that the issuance of fundraising warrants, broker warrants, and admission of the second tranche of shares are conditional on passing the fundraising resolutions at the general meeting.
A circular containing details of the general meeting has been sent to shareholders and will be available on the company’s website.
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