Equity Subscription and Issue of Warrants

RNS Number : 1766D

Advanced Oncotherapy PLC

18 October 2022

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN ARTICLE 7 OF THE MARKET ABUSE REGULATION NO. 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR"). MARKET SOUNDINGS, AS DEFINED IN MAR, WERE TAKEN IN RESPECT OF THE SUBSCRIPTION WITH THE RESULT THAT CERTAIN PERSONS BECAME AWARE OF THIS INSIDE INFORMATION, AS PERMITTED BY MAR. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

18 October 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 £6,000,000before expenses. The fundraise has been conducted through a direct subscription with the Company (the "Subscription") for a total of 24,000,000 n ew Ordinary Shares of 25 pence each (the "Subscription Shares") at a price of 25 pence per Ordinary Share (the "Issue Price"). Subscription Shares amounting to £6,000,000 have been subscribed for by Odey Asset Management LLP, a significant shareholder in Advanced Oncotherapy, acting on behalf of certain of its funds.

Th e Issue Price represents a premium of 12.4 per cent to the closing middle market price of an ordinary share on 17 October 2022 . Once issued, the Subscription Shares will rank pari passu in all respects with the existing Ordinary Shares of the Company. The Subscription is conditional, inter alia, on admission of the Subscription Shares to trading on AIM becoming effective.

The net proceeds of the Subscription will be used to support the Company's operations following the Company having successfully achieved a fully operational LIGHT accelerator operating at 230 MeV in September 2022.

Under the terms of the Subscription, warrants to subscribe for 24,000,000 new Ordinary Shares will also be issued on or around 31 October 2022 to subscribers of the Subscription Shares with an exercise price of 25 pence per share, exercisable up until 31 October 2027.

Following Admission (as defined below), Odey Asset Management LLP are expected to have a beneficial interest in 62,372,473 Ordinary Shares in the Company representing 11.7 per cent of the Company's enlarged issued share capital.

Nicolas Serandour, CEO of Advanced Oncotherapy, said:

"We are pleased to announce that we have today received further support from Odey Asset Management for a £6 million investment. Odey Asset Management is one of the Company's largest shareholders and we believe this additional investment is a significant endorsement of our plans. Having achieved our first fully operational LIGHT accelerator, as announced on 27 September 2022, these proceeds will be used to progress the commissioning and regulatory process for our first LIGHT machine. We would like to thank all our shareholders for their continued support in the Company and look forward to executing on this continued momentum following the significant milestone achieved last month."

Admission and Total Voting Rights

The Subscription has been conducted utilising the Company's existing share authorities.

Application has been made for the Subscription Shares to be admitted to trading on AIM ("Admission") and it is expected that Admission will occur on or around 21 October 2022.

Following Admission, the Company's enlarged issued share capital will comprise 531,231,209 Ordinary Shares of 25 pence each ("Ordinary Shares") . 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 531,231,209. 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 / Piers Shimwell (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.

 

END

 

 

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