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Circassia Group enters subscription agreements to raise £5 million
StockMarketWire.com
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Circassia Group has entered into subscription agreements with three of its major institutional shareholders Harwood Capital, Richard Griffiths and Lombard Odier Asset Management to raise a total of £5 million in gross proceeds.
The subscription will provide capital investment to strengthen the company's balance sheet and provide it with additional liquidity to supplement the continuance of its operational business within the wider group.
Under the terms of the agreements, Lombard Odier Asset Management, North Atlantic Smaller Companies Investment Trust plc (to which Harwood Capital acts as investment manager) and Richard Griffiths have subscribed for a total of 20,000,000 new ordinary shares of 0.08 pence each in Circassia at a price of 25p per share.
The subscription price represents a discount of approximately 10.7 per cent. to the closing mid-market price on March 23, 2021, the latest practicable date prior to this announcement.
At 1:57pm: (LON:CIR) Circassia Pharmaceuticals Plc share price was 0p at 26p
Story provided by StockMarketWire.com
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