REG - Genedrive PLC - Equity Prepayment Facility drawdown

GenedriveAnnouncement

29/11/2023 17:30

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RNS Number : 1233V  Genedrive PLC  29 November 2023

genedrive plc

("genedrive" or the "Company")

 

Equity Prepayment Facility drawdown

Application for Listing

Total Voting Rights

 

genedrive plc (LSE: GDR), the point of care molecular diagnostics company,
today announces a further scheduled £300,000 draw down under the terms of the
£5m Equity Prepayment Facility, which was previously announced by the Company
on 31 March 2023. Investors have been granted 1,614,669 warrants equal to 40%
of this drawdown divided by the Reference Price of 7.43186 pence. The exercise
price of the warrants payable to the Company will be 140% of the Reference
Price equating to 10.4046 pence.

 

Capitalised terms in this announcement shall, unless the context demands
otherwise, bear the meanings given to such terms in the announcement of the
Facility made via RNS on 31 March 2023.

 

In order to support the further drawdown and delivery of the £5m Equity
Prepayment facility that was announced on 31 March 2023, application will be
made for the Admission to trading on AIM of 3,300,000 new Ordinary Shares of
1.5p each ("New Ordinary Shares").  Admission of the New Ordinary Shares
("Admission") is expected to occur on 5 December 2023.  Following Admission,
the New Ordinary Shares will rank pari passu in all respects with the
Company's existing ordinary shares.

 

Following Admission the Company's issued share capital will consist of
111,739,946 Ordinary Shares of 1.5p each and this figure may be used by
shareholders as the denominator for the calculations by which they should
determine if they are required to notify their interest in, or change to their
interest in, the Company under the FCA's Disclosure Guidance and Transparency
Rules.

 

For further details please contact:

 

 genedrive plc                                       +44 (0)161 989 0245
 James Cheek: CEO / Russ Shaw: CFO

 Peel Hunt LLP (Nominated Adviser and Joint Broker)  +44 (0)20 7418 8900
 James Steel / Patrick Birkholm

 Walbrook PR Ltd (Media & Investor Relations)        +44 (0)20 7933 8780 or genedrive@walbrookpr.com
                                                     (mailto:genedrive@walbrookpr.com)
 Anna Dunphy                                         +44 (0)7876 741 001

 

About genedrive plc (http://www.genedriveplc.com
(http://www.genedriveplc.com/) )

 

genedrive plc is a pharmacogenetic testing company developing and
commercialising a low cost, rapid, versatile, simple to use and robust point
of need pharmacogenetic platform for the diagnosis of genetic variations. This
helps clinicians to quickly access key genetic information that will help them
make the right choices over the right medicine or dosage to use for an
effective treatment. Based in the UK, the Company is at the forefront of work
on Point of Care pharmacogenetics. Pharmacogenetics looks at how your genetics
impacts a medicines ability to work for you. Therefore by using
pharmacogenetics, medicines can be made safer and more effective. The Company
has launched its flagship product, the Genedrive® MT-RNR1 ID Kit, which is a
single-use disposable cartridge which circumvents the requirement for cold
chain logistics by providing temperature stable reagent test kits for use on
their proprietary test platform. This test allows clinicians to make a
decision on antibiotic use within 26 minutes, ensuring vital care is delivered
with no negative impact on the patient pathway.

 

The Company has a clear commercial strategy focused on accelerating growth
through maximising in-market sales, geographic and portfolio expansion and
strategic M&A, and operates out of its facilities in Manchester.

 

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