Issue of additional convertible loan notes to raise £1,437,104 and intention to seek dual listing on NASDAQ
OKYO , the life sciences and biotechnology company, focused on the discovery and development of novel molecules to treat inflammatory dry eye diseases and chronic pain, is pleased to announce that it has raised an additional £1,437,104 through the issue of convertible loan notes (“CLNs”).
The proceeds of the CLNs, together with the £3,500,000 raised in July 2020 on similar terms will be used for working capital purposes. The CLNs carry an interest rate of 2.15% compounding and have maximum term of 4 years.
The CLNs convert into ordinary shares at a price of 8.5p per share. Conversion will be subject to shareholder approval and no conversions may take place prior to 31 March 2021. Fees of 7.5% of the value on the CLN’s were settled in kind through the issue of additional CLNs. The CLNs were placed with a small number of private investors.
OKYO intends to use the net proceeds received from the CLNs, to further the development of its clinical pipeline. The Company has now raised £5.37m since the end of the financial year on 31 March 2020, substantially enhancing cash on hand for advancement of the clinical development program, details of which were included in the announcement of annual result yesterday.
The Company now intends to progress a dual listing of its existing equity share capital on NASDAQ (subject to the required regulatory approvals).
The person who arranged for the release of this announcement on behalf of the Company was Keeren Shah, Chief Financial Officer of OKYO.
OKYO Pharma Limited (LSE: OKYO) is a life sciences and biotechnology company admitted to listing on the standard segment of the Official List of the UK Financial Conduct Authority and to trading on the Main Market for listed securities of the London Stock Exchange plc. OKYO is focusing on the discovery and development of novel molecules to treat inflammatory dry eye diseases and chronic pain.
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