Advanced Oncotherapy - Update on Convertible Note & Loan Extension

Advanced Oncotherapy

15/05/2023 11:36

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RNS Number : 4350Z  Advanced Oncotherapy PLC  15 May 2023

 

 

15 May 2023

ADVANCED ONCOTHERAPY PLC

("Advanced Oncotherapy", "AVO" or the "Company")

 

Update on Secured Convertible Note Facility & Loan Extension

 

Update on Secured Convertible Note Facility

 

Further to the Company's announcement on 5 May 2023, Advanced
Oncotherapy (AIM:AVO), the developer of LIGHT, the next-generation proton
therapy system for cancer treatment, announces that it has received the
balance of funds totalling £125,000 due under the secured convertible loan
agreements entered into by the Company with investors and directors.

 

As at the date of this announcement total funds of £6.345 million have been
received from investors under the secured convertible loan note.

 

As announced on 1 March 2023, and in subsequent updates, the Company is
taking steps to raise additional financing including through raising further
funds pursuant to the secured convertible loan facility.

 

Loan Extension

 

The Company also announces that the repayment date of its £10m loan facility
with Credit Suisse AG (the "Loan") has been extended to 4 September 2023. The
Loan is secured against an aggregated amount of £10.5 million. Nerano Pharma
Ltd, acting as Third Party Pledgor, placed £10 million in a pledged
account, with the remainder 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.

 

The extension of the repayment date of the Loan will allow the Company to
focus its financial resources on the strategic review process announced on the
18 April 2023.

 

Rule 2.9 disclosure

In accordance with Rule 2.9 of the Takeover Code, AVO confirms that, following
the receipt of funds under the Secured Convertible Note, it now has 6,345,125
senior secured fixed rate convertible loan notes ("Loan Notes") in issue (as
at today's date), which have a maturity date of 11 January 2024 and are
convertible into ordinary shares of 25p each in the Company at a conversion
price representing a 20% discount to the next equity fund raising undertaken
by the Company. The Loan Notes pay an interest rate of 1.25% per month and
includes a revenue sharing agreement with Harley Street Centre.

AVO also confirms that as at the close of business on 11 May 2023 its issued
share capital consisted of 537,481,209 ordinary shares of 25 pence each. The
International Securities Identification Number for the Company's ordinary
shares is GB00BD6SX109.

Further updates will be provided as appropriate.

 

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

 WH Ireland Limited (Financial adviser)                      Tel: +44 (0) 20 7220 1666
 Antonio Bossi / James Bavister                              AVOPLC@whirelandcm.com

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

 Amrit Nahal / Matt Butlin (Sales & Corporate Broking)

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

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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