30th Nov 2023 21:37
RUA Life Sciences PLC - Glasgow-based medical technology holding company - Intends to conduct placing of a minimum of 36.4 million new shares at a price of 11 pence each to raise a minimum of GBP4.0 million. Also plans a further GBP80,00 raise via subscription of 727,272 new shares at the issue price from certain directors. Also plans a separate retail offer of up to 6.8 million shares at the issue price to raise a further GBP750,000. Expects to used net proceeds to strengthen its balance sheet to aid the commercialisation phase of its research & development projects within its vascular graft and HV leaflet composite; to accelerate growth within contract manufacturing; and to enable the company to demonstrate value across the portfolio. Says completion of the fundraising is conditional on shareholder approval at a general meeting on December 18.
Current stock price: 20.00 pence, up 2.6%
12-month change: down 40%
By Greg Rosenvinge, Alliance News senior reporter
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