REG - Roquefort Theraptcs. - Private Placing and Conversion of CLNs

Roquefort TherapeuticsAnnouncement

14/03/2025 07:00

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RNS Number : 6428A  Roquefort Therapeutics PLC  14 March 2025

14 March 2025

Roquefort Therapeutics plc

("Roquefort Therapeutics" or the "Company")

Private Placing and Conversion of CLNs

 

Roquefort Therapeutics (LSE:ROQ), the Main Market listed biotech company
focused on developing first in class medicines in the high value and high
growth immunology and oncology markets, announces that it has raised
£236,000  by way of a private placing (the "Placing") of 15,733,333  new
ordinary shares in the capital of the Company (the "Placing Shares") at a
price of 1.5p, a discount of 6.25% to the closing price of 1.6p on 13 March
2025.  In addition, the Company has received a notice to convert a total face
value of £50,000 convertible loan notes (the "CLNs") resulting in the issue
of 3,507,548 new ordinary shares in the Company (the "CLN Shares").

 

The proceeds of the Placing will be used for general working capital purposes
as the Company continues to work towards completion of the US$10.8 million
Lyramid Pty Ltd and US$12 million Oncogeni Ltd transactions.  Any cash
proceeds generated from the Oncogeni and Lyramid transactions will go towards
progressing other value accretive opportunities.

 

In accordance with the terms of the CLNs, which were issued on 23 May 2024,
all accrued interest on the CLNs at a rate of 12.5% per annum is included in
the conversion into the Company's ordinary shares of £0.01 each ("Ordinary
Shares"). The conversion price of the CLNs is 1.57p, being 90% of the price
equal to the 10-day volume-weighted average price calculated backwards from
the date, which is three business days prior to the notice of conversion given
to the Company.  Following conversion of these CLNs, the Company has CLNs
with a face value of £337,894 outstanding.

 

Admission and Total Voting Rights

Application will be made for the Placing Shares and CLN Shares to be admitted
to trading on the London Stock Exchange's Main Market for listed securities,
which is expected to occur on or around 21 March 2025 ("Admission"). The
Placing Shares and CLN Shares will rank pari passu in all respects with the
Company's existing Ordinary Shares.

 

Following Admission, the Company's issued share capital will comprise
154,977,483 Ordinary Shares in issue, with each share carrying the right to
one vote. The Company does not hold any Ordinary Shares in treasury. The
figure of 154,977,483 Ordinary Shares 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 of a change to their interest in the
Company under the FCA's Disclosure and Transparency Rules.

 

Stephen West, Roquefort Therapeutics Chairman commented:

"Roquefort Therapeutics continues to operate at a reduced cost base (as
announced in May 2024) and today's Placing, along with existing cash, will
provide the Company with sufficient headroom for at least the next 12 months,
excluding any cash inflows that are generated from the proposed asset sales
that we have recently announced. We remain focused on completing the sales of
Oncogeni and Lyramid and this fundraise ensures we have sufficient capacity to
help execute our strategy."

 

Regulatory Information

This Announcement contains inside information for the purposes of the UK
version of the market abuse regulation (EU No. 596/2014) as it forms part of
United Kingdom domestic law by virtue of the European Union (Withdrawal) Act
2018 ("UK MAR").

 

ENDS

 
Enquiries:
 Roquefort Therapeutics plc                      +44 (0)20 3918 8633
 Stephen West (Chairman) / Ajan Reginald (CEO)
 SP Angel Corporate Finance LLP (Broker)         +44 (0) 20 3470 0470

 David Hignell / Vadim Alexandre / Devik Mehta
 Burson Buchanan (Public Relations)              +44 (0)20 7466 5000

 Ben Romney / Jamie Hooper
 Peak IR (Investor Relations)                    +33 (0)7 44 44 15 42

 Seb Wykeham

 

LEI: ‎254900P4SISIWOR9RH34

 

 

About Roquefort Therapeutics

Roquefort Therapeutics (LSE:ROQ) is developing first in class drugs in the
immunology and oncology markets prior to securing a value accretive exit.

 

Roquefort Therapeutics' portfolio consists of five novel patent-protected
pre-clinical anti-cancer and immunology assets.

 

For further information on Roquefort Therapeutics,
please visit www.roquefortplc.com (http://www.roquefortplc.com/)

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