23rd Apr 2014 12:41
LONDON (Alliance News) - Provexis PLC Wednesday said it has raised GBP45,403 in net proceeds by drawing down on its equity financing facility with Darwin Strategic Ltd, which it said has resulted in little dilution to shareholders.
The drawdown is the first to be made since the equity financing facility was renewed in September 2013. Under the terms of the facility, Darwin has been allotted 7.0 million shares in Provexis at a price of 0.7 pence.
Provexis shares were Wednesday quoted at 0.650 pence, down 7.1%.
At the end of March, Provexis had said its alliance partner for Fruitflow, DSM Nutritional Products, is continuing to make good progress marketing Fruitflow, with over 24 regional consumer brands worldwide containing its patented technology having been launched, and an increasing number of further commercial projects having been initiated with prospective customers.
"We decided in March this year to raise a small amount of additional capital to strengthen the company's balance sheet, and help fund the company's patent and trade mark costs for Fruitflow," Chairman Dawson Buck said in a statement Wednesday.
"The board is pleased with the outcome of the draw down which has resulted in little dilution to shareholders, and it remains positive about the outlook for the business," Buck added.
By Samuel Agini; [email protected]; @samuelagini
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