10th Sep 2019 17:29
(Alliance News) - Amphion Innovations PLC said on Tuesday it has sold 1.2 million shares in partner company Polarean Imaging PLC.
The sale generated total proceeds of USD313,127 for Amphion, which will be used to reduce the balance of its loan facility. Following the sale, Amphion holds 17.1 million Polarean shares, representing just under a 15% stake.
"Amphion is working hard to try and replace or amend the facility to extend the repayment date past 30 September 2019 to ensure the company does not have to sell more shares than entirely necessary. We are excited by and steadfastly believe in the future prospects of Polarean and its important technology," said Amphion.
Amphion added that it remains "highly cash constrained". Shares in Amphion are currently suspended from trading.
Polarean noted Amphion's announcement. Shares in Polarean closed 0.2% higher at 20.63 pence in London on Tuesday.
Related Shares:
AMP.Lpolarean