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LONDON, July 28, 2020 (GLOBE NEWSWIRE) — 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 £3,500,000 through the issue of convertible loan notes (“CLNs”). The proceeds of the CLNs will be used for working capital purposes as detailed below. 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 28 February 2021.
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 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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