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OKYO - OKYO Pharma News Story

14p 0.5  3.7%

Last Trade - 13/08/20

Sector
Healthcare
Size
Small Cap
Market Cap £75.7m
Enterprise Value £75.6m
Revenue £n/a
Position in Universe 1027th / 1818

OKYO Pharma Limited - CLN Issue

Fri 29th May, 2020 6:09pm
RNS Number : 4431O
OKYO Pharma Limited
29 May 2020
 

FOR IMMEDIATE RELEASE

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION (EU) NO 596/2014

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

 

29 May 2020

OKYO Pharma Limited

("OKYO" or the "Company")

 

Issue of convertible loan notes to raise £440,000

 

OKYO, the life sciences and biotechnology company, focused on the discovery and development of novel molecules to treat inflammatory dry eye diseases and chronic pain, is pleased to announce that it has raised £440,000 through the issue of convertible loan notes ("CLNs"). The proceeds of the CLNs will be used for working capital purposes as detailed below. The CLNs carry an interest rate of 20% compounding and have maximum term of 4 years. The CLNs convert into ordinary shares at a price of 0.4p per share and, if converted, the shares will be issued with a warrant attached at an exercise price of 0.4p (with a maximum life of 5 years from the date of issue of the CLN, regardless of the conversion date). Conversion will be subject to shareholder approval.

The CLNs were placed privately with strategic investors.

OKYO intends to use the net proceeds received from the CLNs, together with the funds from the recently announced placing announced on 23 March 2020 (and completed on 28 May 2020), (i) to complete IND enabling studies of Chemerin for dry eye followed by IND submission by Q1 2021, (ii) to complete Pre-IND studies and validation of Proof of Concept for Bam-8 for the treatment of ocular and chronic pain, and (iii) for working capital and other general expenses. The placing and the CLN issue have produced an aggregate of £1,000,000 of additional working capital for the Company (before expenses), the Company will provide additional information on the clinical work planned in due course.

The person who arranged for the release of this announcement on behalf of the Company was Tiziano Lazzaretti, Chief Financial Officer of OKYO.

About OKYO

OKYO Pharma Limited (LSE: OKYO) is a life sciences and biotechnology company admitted to listing on the standard segment of the Official List of the UK Financial Conduct Authority and to trading on the Main Market for listed securities of the London Stock Exchange plc. OKYO is focusing on the discovery and development of novel molecules to treat inflammatory dry eye diseases and chronic pain.

Enquiries:

OKYO Pharma Limited

Willy Simon

+44 (0)20 7382 8300

Shore Capital Limited (Broker)

Antonio Bossi

David Coaten

+44 (0)20 7601 6100

For further information, please visit the Company's website at www.okyopharma.com.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
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