£2m Subscription, Add'l Loan and Issue of Warrants

RNS Number : 0592G

Advanced Oncotherapy PLC

25 March 2022

 

PRIOR TO PUBLICATION, THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT WAS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310. WITH THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

25 March 2022

ADVANCED ONCOTHERAPY PLC

("Advanced Oncotherapy" or the "Company")

£2m Subscription, Additional Loan and Issue of Warrants

Funds raised will be used for general corporate purposes

Advanced Oncotherapy (AIM:AVO), the developer of LIGHT, the next-generation proton therapy system for cancer treatment, today announces an equity fundraise of £2 million, before expenses. The fundraise has been conducted through a direct subscription with the Company (the "Subscription") for a total of 8,000,000 new ordinary shares (the "Subscription Shares") at a price of 25 pence per share (the "Issue Price"). The Subscription Shares have been subscribed for by   Odey Asset Management LLP acting on behalf of certain of its funds .  

Th e Issue Price represents a premium of 6.38 per cent to the closing middle market price of an ordinary share on 24 March 2022. Under the terms of the Subscription, warrants to subscribe for 8,000,000 New Ordinary Shares will be issued on 1 April 2022 to the respective funds with an exercise price of 25 pence per share, exercisable up until 31 March 2026.

Once issued, the Subscription Shares will rank pari passu in all respects with the existing Ordinary Shares of the Company.

Application will be made shortly for the 8,000,000 Subscription Shares to be admitted to trading on AIM ("Admission") and it is expected that Admission will occur on or around 31 March 2022.

Additional Nerano Pharma Loan

On 23 March 2022, the Company entered into a new short term loan agreement of £1.5 million with Nerano Pharma Ltd, a company owned and controlled by Seamus Mulligan, a significant shareholder in the Company, with an interest rate of 1.25 per cent per month (the "Loan"). The Loan is repayable by the Company on 24 June 2022. As part of the agreement, the Company will be issuing 6,382,978 warrants to Nerano Pharma Ltd with an exercise price of 28.20 pence per share, exercisable up until 24 March 2025.

The funds raised from the Subscription, as well as the funds available to the Company pursuant to the Loan, will be used for general corporate purposes as the Company progresses along its revised target timescale of summer 2022 for having a fully operational LIGHT system operating at 230 MeV.

Total Voting Rights

Following Admission, the Company's enlarged issued share capital will comprise 463,212,211 Ordinary Shares of 25 pence each ("Ordinary Shares"). The Company does not hold any ordinary shares in treasury and therefore the total number of Ordinary Shares with voting rights in the Company will be 463,212,211. The aforementioned figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

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Advanced Oncotherapy plc	www.avoplc.com
Dr. Michael Sinclair, Executive Chairman	Tel: [phone]
Nicolas Serandour, CEO
Allenby Capital Limited (Nomad and Joint Broker)
Nick Athanas / Liz Kirchner (Corporate Finance) Amrit Nahal / Matt Butlin (Sales and Corporate Broking)	Tel: [phone]
SI Capital Ltd (Joint Broker)
Nick Emerson	Tel: [phone]
Jon Levinson	Tel: [phone]
FTI Consulting (Financial PR & IR)	[e-mail]
Simon Conway / Rob Winder	Tel: [phone]

About Advanced Oncotherapy Plc

Advanced Oncotherapy, a UK headquartered company with offices in London, Geneva, The Netherlands and in the USA, is a provider of particle therapy with protons that harnesses the best in modern technology. Advanced Oncotherapy's team "ADAM," based in Geneva, focuses on the development of a proprietary proton accelerator called, Linac Image Guided Hadron Technology (LIGHT). LIGHT's compact configuration delivers proton beams in a way that facilitates greater precision and electronic control.

Advanced Oncotherapy will offer healthcare providers affordable systems that will enable them to treat cancer with innovative technology as well as expected lower treatment-related side effects.

Advanced Oncotherapy continually monitors the market for any emerging improvements in delivering proton therapy and actively seeks working relationships with providers of these innovative technologies. Through these relationships, the Company will remain the prime provider of an innovative and cost-effective system for particle therapy with protons.

 

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