Advanced Oncotherapy - Equity Subscription and Issue of Warrants

Advanced Oncotherapy

18/10/2022 07:00

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RNS Number : 1766D  Advanced Oncotherapy PLC  18 October 2022

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN ARTICLE 7 OF THE
MARKET ABUSE REGULATION NO. 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY
VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR"). MARKET SOUNDINGS,
AS DEFINED IN MAR, WERE TAKEN IN RESPECT OF THE SUBSCRIPTION WITH THE RESULT
THAT CERTAIN PERSONS BECAME AWARE OF THIS INSIDE INFORMATION, AS PERMITTED BY
MAR. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW
CONSIDERED TO BE IN THE PUBLIC DOMAIN.

18 October 2022

 

 

ADVANCED ONCOTHERAPY PLC

("Advanced Oncotherapy" or the "Company")

 

Equity Subscription and Issue of Warrants

 

Total Voting Rights

 

Advanced Oncotherapy (AIM:AVO), the developer of LIGHT, the next-generation
proton therapy system for cancer treatment, announces an equity fundraise of
£6,000,000before expenses. The fundraise has been conducted through a direct
subscription with the Company (the "Subscription") for a total of 24,000,000
new Ordinary Shares of 25 pence each (the "Subscription Shares") at a price of
25 pence per Ordinary Share (the "Issue Price"). Subscription Shares amounting
to £6,000,000 have been subscribed for by Odey Asset Management LLP, a
significant shareholder in Advanced Oncotherapy, acting on behalf of certain
of its funds.

 

The Issue Price represents a premium of 12.4 per cent to the closing middle
market price of an ordinary share on 17 October 2022. Once issued, the
Subscription Shares will rank pari passu in all respects with the existing
Ordinary Shares of the Company. The Subscription is conditional, inter alia,
on admission of the Subscription Shares to trading on AIM becoming effective.

 

The net proceeds of the Subscription will be used to support the Company's
operations following the Company having successfully achieved a fully
operational LIGHT accelerator operating at 230 MeV in September 2022.

 

Under the terms of the Subscription, warrants to subscribe for 24,000,000 new
Ordinary Shares will also be issued on or around 31 October 2022 to
subscribers of the Subscription Shares with an exercise price of 25 pence per
share, exercisable up until 31 October 2027.

 

Following Admission (as defined below), Odey Asset Management LLP are expected
to have a beneficial interest in 62,372,473 Ordinary Shares in the Company
representing 11.7 per cent of the Company's enlarged issued share capital.

 

Nicolas Serandour, CEO of Advanced Oncotherapy, said:

"We are pleased to announce that we have today received further support from
Odey Asset Management for a £6 million investment. Odey Asset Management is
one of the Company's largest shareholders and we believe this additional
investment is a significant endorsement of our plans. Having achieved our
first fully operational LIGHT accelerator, as announced on 27 September 2022,
these proceeds will be used to progress the commissioning and regulatory
process for our first LIGHT machine. We would like to thank all our
shareholders for their continued support in the Company and look forward to
executing on this continued momentum following the significant milestone
achieved last month."

 

Admission and Total Voting Rights

 

The Subscription has been conducted utilising the Company's existing share
authorities.

 

Application has been made for the Subscription Shares to be admitted to
trading on AIM ("Admission") and it is expected that Admission will occur on
or around 21 October 2022.

 

Following Admission, the Company's enlarged issued share capital will comprise
531,231,209 Ordinary Shares of 25 pence each ("Ordinary Shares"). The Company
does not hold any Ordinary Shares in treasury. Therefore, the total number of
Ordinary Shares in the Company with voting rights on Admission will be
531,231,209. The aforementioned figure may be used by shareholders as the
denominator for the calculations by which they will determine if they are
required to notify their interest in, or a change to their interest in, the
share capital of the Company under the FCA's Disclosure Guidance and
Transparency Rules.

 

- ENDS -

 

 

 Advanced Oncotherapy plc                                  www.avoplc.com (http://www.avoplc.com)
 Dr. Michael Sinclair, Executive Chairman                  Tel: +44 (0) 20 3617 8728
 Nicolas Serandour, CEO

 Allenby Capital Limited (Nomad and Joint Broker)
 Nick Athanas / Piers Shimwell (Corporate Finance)         Tel: +44 (0) 20 3328 5656

 Amrit Nahal / Matt Butlin (Sales and Corporate Broking)

 SI Capital Ltd (Joint Broker)
 Nick Emerson                                              Tel: +44 (0) 1483 413 500
 Jon Levinson                                              Tel: +44 (0) 20 3871 4066

 FTI Consulting (Financial PR & IR)                        advancedoncotherapy@fticonsulting.com
                                                           (mailto:advancedoncotherapy@fticonsulting.com)
 Simon Conway / Rob Winder                                 Tel: +44 (0) 20 3727 1000

 

 

About Advanced Oncotherapy Plc

 

Advanced Oncotherapy, a UK headquartered company with offices in London,
Geneva, The Netherlands and in the USA, is a provider of particle therapy with
protons that harnesses the best in modern technology. Advanced Oncotherapy's
team "ADAM," based in Geneva, focuses on the development of a proprietary
proton accelerator called, Linac Image Guided Hadron Technology (LIGHT).
LIGHT's compact configuration delivers proton beams in a way that facilitates
greater precision and electronic control.

 

Advanced Oncotherapy will offer healthcare providers affordable systems that
will enable them to treat cancer with innovative technology as well as
expected lower treatment-related side effects.

 

Advanced Oncotherapy continually monitors the market for any emerging
improvements in delivering proton therapy and actively seeks working
relationships with providers of these innovative technologies. Through these
relationships, the Company will remain the prime provider of an innovative and
cost-effective system for particle therapy with protons.

 

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