Advanced Oncotherapy - Equity Subscription and Issue of Warrants

Advanced Oncotherapy

12/12/2022 07:00

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RNS Number : 3001J  Advanced Oncotherapy PLC  12 December 2022

12 December 2022

 

ADVANCED ONCOTHERAPY PLC

 

("Advanced Oncotherapy" or the "Company")

 

Equity Subscription and Issue of Warrants

 

Advanced Oncotherapy (AIM:AVO), the developer of LIGHT, the next-generation
proton therapy system for cancer treatment, announces an equity fundraise of
£1,500,000 before expenses. The fundraise has been conducted through a direct
subscription with the Company (the "Subscription") for a total of 6,000,000
new Ordinary Shares of 25 pence each (the "Subscription Shares") at a price of
25 pence per Ordinary Share (the "Issue Price"). The Subscription Shares have
been subscribed for by an existing institutional shareholder.

 

The Issue Price represents a premium of 49.3 per cent. to the closing middle
market price of an ordinary share on 9 December 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 and for
general working capital purposes.

 

Under the terms of the Subscription, warrants to subscribe for 12,000,000 new
Ordinary Shares will also be issued to the subscriber of the Subscription
Shares by 15 June 2023 (the "Warrant Issue Date") with an exercise price of 25
pence per share, exercisable until 15 December 2027 (subject to the Company
being granted the relevant share authorities at an Extraordinary General
Meeting to be scheduled in the first half of 2023). In the event that the
number of Subscription Shares held by the subscriber on the Warrant Issue Date
has decreased compared to the number of Subscription Shares issued to them,
the number of warrants to be issued to the subscriber will be adjusted
accordingly with the number of Warrants to be issued to the subscriber being
equal to 200% of the number of Subscription Shares held by the subscriber on
the Warrant Issue Date.

 

Admission and Total Voting Rights

 

The issue of the Subscription Shares 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 15 December 2022.

 

Following Admission, the Company's enlarged issued share capital will comprise
537,481,209 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
537,481,209.

 

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 & 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

 

Notes for Editors

 

About Advanced Oncotherapy Plc www.avoplc.com (http://www.avoplc.com/)

 

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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