Equity Subscription and Issue of Warrants

RNS Number : 3001J

Advanced Oncotherapy PLC

12 December 2022

 

12 December 2022

ADVANCED ONCOTHERAPY PLC

("Advanced Oncotherapy" or the "Company")

E quity Subscription and Issue of Warrants

Advanced Oncotherapy (AIM:AVO), the developer of LIGHT, the next-generation proton therapy system for cancer treatment, announces an equity fundraise of £1,500,000 before expenses. The fundraise has been conducted through a direct subscription with the Company (the "Subscription") for a total of 6,000,000 n ew Ordinary Shares of 25 pence each (the "Subscription Shares") at a price of 25 pence per Ordinary Share (the "Issue Price"). The Subscription Shares have been subscribed for by an existing institutional shareholder.

Th e Issue Price represents a premium of 49.3 per cent. to the closing middle market price of an ordinary share on 9 December 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 and for general working capital purposes.

Under the terms of the Subscription, warrants to subscribe for 12,000,000 new Ordinary Shares will also be issued to the subscriber of the Subscription Shares by 15 June 2023 (the "Warrant Issue Date") with an exercise price of 25 pence per share, exercisable until 15 December 2027 (subject to the Company being granted the relevant share authorities at an Extraordinary General Meeting to be scheduled in the first half of 2023). In the event that the number of Subscription Shares held by the 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 with the number of Warrants to be issued to the subscriber being equal to 200% of the number of Subscription Shares held by the subscriber on the Warrant Issue Date.

Admission and Total Voting Rights

The issue of the Subscription Shares 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 15 December 2022 .

Following Admission, the Company's enlarged issued share capital will comprise 537,481,209 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 537,481,209.

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 & 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 for Editors

About Advanced Oncotherapy Plc www.avoplc.com

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

 

 

IOEUAUORUWUUAUA