Advanced Oncotherapy - Issue of warrants and equity and Loan Extension

Advanced Oncotherapy

02/12/2021 13:28

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RNS Number : 4092U  Advanced Oncotherapy PLC  02 December 2021

ADVANCED ONCOTHERAPY PLC

 

("Advanced Oncotherapy" or the "Company")

 

Issue of warrants re Loan extension, issue of equity re Advisory Services
Arrangement and Loan Extension

 

Change to Total Voting Rights

 

Advanced Oncotherapy (AIM:AVO), the developer of LIGHT, the next-generation
proton therapy system for cancer treatment, announces the issue of 3,750,000
warrants in respect of its £10 million secured debt facility (the "Loan")
with Credit Suisse AG. Separately, in exchange for financial advisory services
in relation to the funding of future LIGHT systems (the "Advisory Services
Arrangement"), the Company will issue 477,435 new ordinary shares of 25 pence
in the Company to VanGuard Americas Corp. ("New Ordinary Shares").

 

Loan Extension and Issue of Warrants

 

As detailed in the Company's results for the Year Ended 31 December 2020, in
May 2021 the Company extended the repayment date of the full quantum of the
Loan on a rolling quarterly basis through to 11 May 2022. The repayment date
of the Loan has now been extended to 8 November 2022. The Loan is secured
against an aggregated amount of £10.5 million. Nerano Pharma Ltd¹ ("Nerano
Pharma") acting as Third Party Pledgor placed £10 million in a pledged
account, with the remaining £0.5 million placed in a pledged account by the
Company. Full details of the Loan are set out in the Company's announcement
published on 10 May 2019. It has been agreed that, in relation to the
extension of the repayment date of the Loan from May 2021 to November 2022,
warrants to subscribe for 3,750,000 new ordinary shares will be issued to
Nerano Pharma with an exercise price of 60 pence per share, exercisable up
until 11 November 2024.The extension of the repayment date of the Loan has
allowed the Company to focus its financial resources on existing projects and
towards the development of its LIGHT system.

 

Advisory Services Arrangement (Issue of Equity)

 

The New Ordinary Shares will be issued at a price of 37.7015 pence per share,
being the weighted average closing middle market price of an ordinary share
over the preceding five trading days.

 

Once issued, the New Ordinary Shares will rank pari passu in all respects with
the existing Ordinary Shares of the Company.

 

Application will be made for the 477,435 New Ordinary Shares to be admitted to
trading on AIM ("Admission") and it is expected that Admission will occur on
or around 8 December 2021.

 

Total voting rights

 

Following Admission, the Company's enlarged issued share capital will comprise
451,612,211 Ordinary Shares of 25 pence each, with one voting right per share
("Ordinary Shares"). The Company does not hold any ordinary shares in treasury
and therefore the total number of Ordinary Shares with voting rights in the
Company will be 451,612,211.

 

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.

 

¹ Nerano Pharma Ltd is a company owned and controlled by Seamus Mulligan, a
significant shareholder in the Company.

 

Notes for editors

 

 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)          Tel: +44 (0) 20 3328 5656
 Nick Athanas / Liz Kirchner (Corporate Finance)

 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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