23rd Dec 2019 09:53
(Alliance News) - Pharmaceutical company Futura Medical PLC on Monday said it has raised GBP3.3 million before fees and expenses via subscription and PrimaryBid offer at a price of 8 pence a share.
The stock was 17% higher in London in morning trade at 10.50p a share, giving it a market capitalisation of GBP21.5 million.
On Friday last week, Futura said it largest shareholder Lombard Odier had agreed to subscribe for 21.9 million shares, worth GBP1.8 million. It also promised to take up any leftover shares from a separate share offer via PrimaryBid.
The Swiss private bank also will receive 10.9 million warrants to buy more new shares at 40p.
However, due to high demand, Futura said the GBP1.5 million PrimaryBid offer was oversubscribed and closed early, so Lombard Odier didn't need to step in. Following the subscription, Lombard Odier will hold a 19% stake in Futura.
In addition, Chief Executive James Barder subscribed for 125,000 shares, worth GBP10,000, taking its holding to 0.5% following the admission.
By Evelina Grecenko; [email protected]
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