7th Sep 2009 07:00
Sinclair Pharma plc Placement of Convertible Unsecured Loan Notes
7th September 2009 , Godalming, UK: Sinclair Pharma plc (the "Company" or "Sinclair": SPH:L), the international specialty pharma company, is pleased to announce that the Company has issued convertible unsecured loan notes (the "Notes") worth approximately 2.3 million to a leading institutional investor.
A first series of 1 million of the Notes will be issued immediately with an option to issue up to a further 1.3 million of Notes.
The additional funds made available to the Company from the Notes will further strengthen the Company's balance sheet, improve Sinclair's working capital position and provide opportunities for further organic growth.
Dr Michael Flynn, Chief Executive of Sinclair commented:
"The new funds will strengthen our ability to take advantage of the market opportunities arising in the current economic environment."
For further information please contact:
Sinclair Pharma plc Tel: +44 (0) 1483 410 600Dr Michael Flynn, CEOJerry Randall, CFOSinger Capital Markets Ltd Tel: +44 (0)20 3205 7500Shaun DobsonClaes SpangCapital MS&L Tel: +44 (0)20 7307 5340Mary ClarkAnna MitchellSummary of the Notes * The Notes have been placed with a UK institutional investor * The Notes are unsecured and carry a coupon of 8 per cent. payable quarterly in arrears * The conversion price is the closing mid-market price on 3 September, 27.5 pence * The Notes convert into ordinary shares of 1 pence each ranking pari passu with the existing ordinary shares of 1 pence each * The Notes can be converted on 31 December 2009, 31 March 2010, 30 June 2010 or on the first anniversary at the option of the investor * In the event that the Notes have not previously been converted they will be repaid on the first anniversary of being issued * The option over 1.3 million of the Notes is exercisable by Sinclair on or before 15 September 2009
Notes to Editors:
About Sinclair Pharma Plc www.sinclairpharma.com
Sinclair Pharma plc is an international specialty pharmaceutical company. It has a growing sales and marketing operation that is already present in France, Italy, UK, Spain and Portugal, and a complementary marketing partner network that spans more than 80 countries.
Sinclair has proven expertise in acquiring or developing commercially attractive and undervalued products, registering these products and bringing them to market within a short timeframe. Sinclair focuses on niche therapeutic areas and its current portfolio includes products for dermatological conditions and oral health.
"Safe Harbor" Statement under the US Private Securities Litigation Reform Act of 1995: Some or all of the statements in this document that relate to future plans, expectations, events, performances and the like are forward-looking statements, as defined in the US Private Securities Litigation Reform Act of 1995. Actual results of events could differ materially from those described in the forward-looking statements due to a variety of factors.
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