Financing Update

RNS Number : 3608V

Venn Life Sciences Holdings PLC

08 April 2019

 

8 April 2019

Venn Life Sciences Holdings Plc

("Venn" or the "Company")

Financing Update

Venn Life Sciences, an Integrated Drug Development Partner offering a combination of drug development expertise and clinical trial design and management to pharmaceutical, biotechnology and medical device organisations, announces that Raglan Capital Limited, of whom Cathal Friel is a principal and owner, has subscribed for loan notes of £250,000 with a term of 13 months and a 8% coupon. The interest on the notes will be paid annually. The issue of the loan notes follows the previously announced financing of 11 December 2018 albeit on improved terms for the Company i.e. at a lower coupon and without any warrants or convertibility. The proceeds of the loan note will be applied to the Company's working capital.

Related Party Transaction

The subscription by Raglan Capital is considered a related party transaction for the purposes of Rule 13 of the AIM Rules for Companies. The Directors (other than Cathal Friel) consider, having consulted with Arden Partners, the Company's nominated adviser, that the terms of the subscription by Raglan Capital are fair and reasonable in so far as its Shareholders are concerned.

Enquiries:

Venn Life Sciences Holdings Plc Tel: [phone]
Tony Richardson, Chief Executive Officer

Arden Partners (Nominated Advisor and Joint Broker) Tel: [phone]
John Llewellyn-Lloyd / Ruari McGirr / Benjamin Cryer

Davy (ESM Adviser and Joint Broker) Tel: [phone]
Fergal Meegan / Matthew de Vere White (Corporate Finance)

About Venn Life Sciences

Venn Life Sciences is an Integrated Drug Development Partner offering a unique combination of drug development expertise and clinical trial design and management to pharmaceutical, biotechnology and medical device organisations. Venn have dedicated operations in France, Germany, the Netherlands, the UK, Ireland with partners across Europe and the US.

Further information in relation to Venn Life Sciences www.vennlifesciences.com

Venn life Science: [e-mail]

 

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