17th Jun 2019 12:54
(Alliance News) - WideCells Group PLC said Monday the financing agreement it entered with European High Growth Opportunities Securitization Fund in November has expired.
In September, the company, which used to focus on stem cell healthcare, entered into an issuance agreement with the fund, to secure GPB2.7 million worth of funding in return for bonds convertible into shares with attached warrants.
WideCells said it has confirmed that all of the remaining bonds have been converted, and also that the fund has agreed to a lock-in of shares reflecting no less than 5% of WideCells's entire issued share capital.
Partly as a result of this, the European High Growth Opportunities Securitization Fund has upped its stake in WideCells to 9.5% from 0.3%.
Shares in WideCells Group were down 6.8% at 0.32 pence on Monday.
Looking ahead, WideCells said that progress in building Iconic Labs is continuing and the group believes it is in a stronger financial position as business development activities continue.
"The company has an aggressive growth strategy, including making targeted acquisitions and will, going forward, look to support its activities through more traditional forms of debt and equity issuance and will seek to avoid structures with variable conversion where possible," the company said.
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