8th Apr 2019 12:11
LONDON (Alliance News) - Venn Life Sciences Holdings PLC on Monday said Raglan Capital Ltd, of whom Cathal Friel is a principal and owner, has subscribed for loan notes of GBP250,000 with a term of 13 months and an 8% coupon.
The interest on the notes will be paid annually, the drug development company said.
The issue of the loan notes follows the financing - announced in mid-December 2018 - albeit on improved terms for the company, particularly at a lower coupon and without any warrants or convertibility.
At the time, Venn Life Sciences issued GBP1.0 million of privately-held loan notes to fund an increased focus of the business into the area of rare diseases. Friel assumed the chair role following the loan notes issue in December.
The proceeds of the loan note announced on Monday will be applied to the company's working capital, it said.
Venn Life Sciences shares were trading 2.0% higher on Monday at 2.60 pence each.