26th Jul 2016 09:43
LONDON (Alliance News) - Life sciences firm ValiRx PLC on Tuesday said it has issued new shares to Bracknor, after the investment firm asked for GBP70,000 of its loan notes to be converted into equity.
ValiRx said it has conditionally issued and allotted 1.1 million new shares at a price of 6.40p per share to Bracknor in consideration for the GBP70,000 loan note.
Bracknor has around GBP180,000 in convertible loan notes left to convert following the transaction, ValiRx said, noting that it originally had issued GBP1.0 million in loan notes to Bracknor.
However, ValRx said it will not be issuing any further convertible loan notes under the Bracknor facility.
Shares in ValiRx were down 1.6% at 6.89 pence on Tuesday.
By Hannah Boland; [email protected]; @Hannaheboland
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