18th Jan 2021 17:30
Phimedix PLC - Hong Kong-based metal recycling company - Says it is in early-stage acquisition discussions with a company in the life sciences' space. These discussions remain subject to contract, satisfactory completion of the necessary due diligence and additional equity fundraising. At this stage, there can be no guarantee that the proposed acquisition will complete. In order to progress these discussions and undertake the necessary due diligence, Phimedix says it has increased its available cash resources by entering into a facility agreement with Christopher Potts, a substantial shareholder in the company. Under the terms of the facility agreement, the company will borrow up to GBP75,000, to be drawn down in three equal amounts over the next month. The loan is unsecured, interest free and repayable on completion of a reverse takeover by the company.
Current stock price: 0.95 pence
By Evelina Grecenko; [email protected]
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