Equity Subscription and Issue of Warrants

RNS Number : 6906U

Advanced Oncotherapy PLC

03 August 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.

3 August 2022

ADVANCED ONCOTHERAPY PLC

("Advanced Oncotherapy" or the "Company")

E quity Subscription and Issue of Warrants

Total Voting Rights

Advanced Oncotherapy (AIM:AVO), the developer of LIGHT, the next-generation proton therapy system for cancer treatment, announces an equity fundraise of £550,691 before expenses. The fundraise has been conducted through a direct subscription with the Company (the "Subscription") for a total of 2,202,762 new Ordinary Shares of 25 pence each (the "Subscription Shares") at a price of 25 pence per share (the "Issue Price"). This Subscription has been undertaken to accommodate demand from investors who were unable to participate in the c.£6 million fundraise announced on 28 June 2022.

Th e Issue Price represents a premium of 11 per cent to the closing middle market price of an ordinary share on 2 August 2022.

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

The net proceeds of the Subscription will be used for general corporate purposes as the Company progresses towards having a fully operational LIGHT system operating at 230 MeV by the end of summer 2022.

Under the terms of the Subscription, warrants to subscribe for 2,202,762 new Ordinary Shares will also be issued to subscribers of the Subscription Shares by 1 October 2022 (the "Warrant Issue Date") with an exercise price of 25 pence per share, exercisable until 1 July 2026. In the event that the number of Subscription Shares held by a subscriber on the Warrant Issue Date has decreased compared to the number of Subscription Shares issued to them, the number of warrants to be issued to the subscriber will be adjusted accordingly.

Michael Sinclair (Executive Chairman), Enrico Vanni (Non-Executive Director) and RenHua Zhang (Non-Executive Director) have subscribed for Subscription Shares at the Issue Price, details of which are set out below.

In addition, the Company has agreed to issue a total of 1,395,996 new Ordinary Shares at the Issue Price (the "Director Fee Shares") to certain of the Company's Directors in lieu of fees owed. Furthermore, a total of 330,240 new Ordinary Shares (the "Bonus Shares") will be issued as non-cash consideration to certain employees of the Company at the Issue Price. The 330,240 Bonus Shares are subject to a two-year lock-in period from Admission (as defined below). For the avoidance of doubt, no warrants will be issued in relation to the Director Fee Shares or the Bonus Shares.

Director	Current Shareholding	Director Fee Shares	Subscription Shares	Warrants	Shareholding on Admission	% on Admission
RenHua Zhang (Non-Executive Director)1	45,503,765	113,332	140,000	140,000	45,757,097	9.13%
Michael Sinclair (Executive Chairman)	8,910,814		430,000	430,000	9,340,814	1.86%
Michael Bradfield (Non-Executive Director)	7,558,240	296,000			7,854,240	1.57%
Dr Nick Plowman (Non-Executive Director)	4,515,304	160,000			4,675,304	0.93%
Enrico Vanni (Non-Executive Director)	3,496,361	300,000	200,000	200,000	3,996,361	0.80%
Hans Von Celsing (Non-Executive Director)	689,167	293,332			982,499	0.20%
Lori Cross (Non-Executive Director)	60,417	233,332			293,749	0.06%

The notification below, which has been made in accordance with the requirements of the UK Market Abuse Regulation, provides further details.

Application has been made for a total of 3,928,998 new Ordinary Shares to be admitted to trading on AIM ("Admission") and it is expected that Admission will occur on or around 10 August 2022.

Total Voting Rights

Following Admission, the Company's enlarged issued share capital will comprise 501,371,209 Ordinary Shares, of 25 pence each ("Ordinary Shares"). This figure includes the 2,550,000 Subscription Shares also being issued on 10 August 2022, pursuant to the fundraise announced on 28 June 2022. The Company does not hold any Ordinary Shares in treasury. Therefore, the total number of Ordinary Shares in the Company with voting rights on Admission will be 501,371,209. 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.

- ENDS -

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]

Notes

¹ Inclusive of all shares held by Liquid Harmony Ltd, RenHua Zhang, and associated parties.

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.

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.

1	Details of the person discharging managerial responsibilities
a)	Name	PDMRs: Michael Sinclair Executive Chairman RenHua Zhang Non-Executive Director Enrico Vanni Non-Executive Director
2	Reason for the notification
a)	Position/status	See 1a) above
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Advanced Oncotherapy plc
b)	LEI	213800LUDHZOG3YT6C82
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Ordinary shares of 25p each in Advanced Oncotherapy plc Identification code (ISIN) for Advanced Oncotherapy plc ordinary shares: GB00BD6SX109
b)	Nature of the transaction	Participation in a fundraise
c)	Price(s) and volume(s)	Price: 25p Volumes: Michael Sinclair 430,000 RenHua Zhang 140,000 Enrico Vanni 200,000
d)	Aggregated information - Aggregated volume - Price	n/a
e)	Date of the transaction	2 August 2022
f)	Place of the transaction	Outside a Trading Venue

1	Details of the person discharging managerial responsibilities
a)	Name	PDMRs: RenHua Zhang Non-Executive Director Michael Bradfield Non-Executive Director Dr Nick Plowman Non-Executive Director Enrico Vanni Non-Executive Director Hans Von Celsing Non-Executive Director Lori Cross Non-Executive Director
2	Reason for the notification
a)	Position/status	See 1a) above
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Advanced Oncotherapy plc
b)	LEI	213800LUDHZOG3YT6C82
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Ordinary shares of 25p each in Advanced Oncotherapy plc Identification code (ISIN) for Advanced Oncotherapy plc ordinary shares: GB00BD6SX109
b)	Nature of the transaction	Issue of ordinary shares in consideration of payment of fees
c)	Price(s) and volume(s)	Price: 25p Volumes: RenHua Zhang 113,332 Michael Bradfield  296,000 Dr Nick Plowman 160,000 Enrico Vanni 300,000 Hans Von Celsing 293,332 Lori Cross 233,332
d)	Aggregated information - Aggregated volume - Price	n/a
e)	Date of the transaction	2 August 2022
f)	Place of the transaction	Outside a Trading Venue

 

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