Draw Down of Funds and Issue of Equity

RNS Number : 8039K

Provexis PLC

28 August 2012

 



28 August 2012

Provexis plc

Draw Down of Funds and Issue of Equity

Provexis plc ("Provexis" or the "Company"), the life-science business that develops, licenses and markets scientifically-proven functional food and sports nutrition technologies, has raised net proceeds of £541,112 by drawing down on its Equity Financing Facility ("EFF") with Darwin Strategic Limited ("Darwin"). The EFF agreement was originally arranged by Darwin in March 2010, and Provexis announced that the agreement had been renewed on 8 November 2011.

Under the terms of the EFF agreement the Company has allotted, conditional on admission to trading on AIM, 31,620,884 new ordinary shares of 0.1p each to Darwin (the "New Provexis Shares"). The New Provexis Shares have been issued at a gross 1.85p per share and rank pari passu in all respects with the existing ordinary shares of 0.1p each in Provexis.

The draw down is the second undertaken by the Company since the renewal of the EFF in November 2011 and it represents a discount of 6.2 per cent to the closing mid-market price per Ordinary Share on 24 August 2012, being the latest practicable date prior to this announcement. The net proceeds raised by the draw down were linked to the floor price set by the Directors at the time of draw down.

Application will be made to the London Stock Exchange for the 31,620,884 New Provexis Shares to be admitted to trading on AIM.  It is expected that the admission will become effective and that trading in the New Provexis Shares will commence on 3 September 2012 ("Admission").

Following Admission, the Company's enlarged issued share capital will comprise 1,518,650,979 ordinary shares with voting rights. The Company does not hold any shares in treasury. This figure of 1,518,650,979 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FSA's Disclosure and Transparency Rules.

Stephen Moon, Chief Executive Officer of Provexis plc, commented:

"We decided earlier this month to raise a small amount of cash to fund the increased working capital needs of the growing Science in Sport business. The net proceeds from this drawdown have met this need and the Board is pleased that the new Ordinary Shares are to be issued at an attractive price relative to the current share price."

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For further information, please contact:

Provexis plc Stephen Moon, Chief Executive Ian Ford, Finance Director	Tel: [phone]
Cenkos Securities plc Max Hartley / Bobbie Hilliam	Tel: [phone]
Haggie Financial LLP Matthew Longbottom / Peter Rigby	Tel: [phone] [e-mail]
Darwin Strategic Limited Anand Sambasivan, Chief Executive	Tel: [phone]

 

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