London, UK – 29 September 2021: genedrive plc (LSE: GDR), the near-patient molecular diagnostics company, announces that it has conditionally raised total gross proceeds of approximately £1.1 million through the Open Offer which was announced on 10 September 2021.
Result of the Open Offer
The Company received valid acceptances for 4,450,852 Open Offer Shares which is less than the 18,091,442 Open Offer Shares that were offered to Qualifying Shareholders. As a result all subscriptions by Qualifying Shareholders will be met in full.
Therefore, the Company has raised total gross proceeds of approximately £7.1 million by way of the Placing and the Open Offer. Net proceeds are estimated to be approximately £6.6 million.
Application has been made to the London Stock Exchange for the admission of 28,450,852 New Ordinary Shares to trading on AIM (“Admission”). This comprises (i) 24,000,000 Placing Shares; and (ii) 4,450,852 Open Offer Shares. The New Ordinary Shares will rank pari passu with the existing Ordinary Shares.
Directors’ participation in the Open Offer
The following Directors have participated in the Open Offer.
The Placing and Open Offer remain conditional on the Placing and Open Offer Agreement becoming unconditional and not having been terminated in accordance with its terms, the passing of the Resolutions at the General Meeting which has been convened for 11:00 am on 30 September 2021 and Admission.
Admission of the New Ordinary Shares and total voting rights
It is expected that Admission of the New Ordinary Shares will become effective at 8.00 a.m. on 1 October 2021. Following Admission, the Company will have 91,770,900 Ordinary Shares of 1.5p in issue each with equal voting rights. No shares are held in treasury.
The above figure may be used by shareholders as the denominator for the calculations by which they will determine whether they are required to notify their interest, or a change to their interest, in the Company under the FCA’s Disclosure Guidance and Transparency Rules.
Unless otherwise defined herein, capitalised terms used in this announcement shall have the same meanings as defined in the announcement of the Fundraising made by the Company on 10 September 2021.
Commenting on the Open Offer take up, David Budd, CEO of genedrive plc, said: ” Our thanks go to the shareholders that have participated in this Open Offer, which has resulted in a further £1.1 million of gross proceeds being raised. The net proceeds of the Fundraising will allow us to further fund our Genedrive® COV19-ID Kit, support the commercial roll out of the AIHL test including new business development and additional product development, commercialisation efforts and general corporate costs.”
For further information, please contact:
+44 (0) 161 989 0245
David Budd (Chief Executive Officer)
Matthew Fowler (Chief Financial Officer)
About genedrive plc ( http://www.genedriveplc.com ) genedrive plc is a molecular diagnostics company developing and commercialising a low cost, rapid, versatile, simple to use and robust point of need molecular diagnostics platform for the diagnosis of infectious diseases and for use in patient stratification (genotyping), pathogen detection and other indications. The Company has assays on market for the detection of HCV and certain military biological targets. The Company released a high throughput SARS-CoV-2 assay in 2020, and has a point of care version of the SARS-Cov-2 test in development. Antibiotic Induced Hearing Loss represents the Company’s first targeting of the Genedrive® system into an emergency/urgent care environment.
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