REG - ValiRx PLC - Fundraising of up to £1,155,000
15/05/2026 07:01
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RNS Number : 4324E ValiRx PLC 15 May 2026
15 May 2026
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN (THE "ANNOUNCEMENT") IS
RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES, CANADA,
AUSTRALIA, JAPAN, SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO MIGHT
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH
JURISDICTION.
THIS ANNOUNCEMENT DOES NOT CONSTITUTE OR CONTAIN ANY INVITATION, SOLICITATION,
RECOMMENDATION, OFFER OR ADVICE TO ANY PERSON TO SUBSCRIBE FOR, OTHERWISE
ACQUIRE ANY SECURITIES OF THE COMPANY.
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO
CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER ARTICLE 7 OF THE MARKET
ABUSE REGULATION (EU) 596/2014 AS AMENDED BY REGULATION 11 OF THE MARKET ABUSE
(AMENDMENT) (EU EXIT) REGULATIONS 2019/310. UPON THE PUBLICATION OF THIS
ANNOUNCEMENT VIA REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS
NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
ValiRx PLC
("ValiRx" or the "Company")
Fundraising of up to £1,155,000
for in-licensing, IP portfolio expansion, preclinical development and
expansion of ValiRx Animal Health
London, UK - ValiRx Plc (AIM: VAL), an innovative life sciences company
focusing on early-stage cancer therapeutics and women's health, with a
pipeline of assets including CLX001 and VAL201, announces a fundraising to
raise up to £1,155,000 (before expenses) comprising a firm placing
("Placing") of 500,000,000 new Ordinary Shares of 0.1 pence ("New Ordinary
Shares") at a price of 0.2 pence per share (the "Issue Price"), (the "Placing
Shares") and a direct subscription ("Subscription") of 2,500,000 new Ordinary
Shares (the "Subscription Shares") at the Issue Price, raising £5,000 by one
of the directors. The Company also intends to shortly implement a facility to
enable retail investors to participate in a retail offer (the "Retail Offer")
of up to £150,000 (the Placing, Subscription and Retail Offer together being
the "Fundraising"). In addition, for each New Ordinary Share issued pursuant
to the Fundraising, the Company will, subject to obtaining shareholder
authority at its upcoming annual general meeting in June 2026, grant a warrant
to subscribe for one new Ordinary Share on a 1:1 basis, (the "Fundraising
Warrants ").
The Retail Offer would provide retail investors an opportunity to participate
in the Fundraising at the same price as placees. For the avoidance of doubt,
the Retail Offer would not be part of the Placing. A further announcement will
be made in due course.
The grant of the Fundraising Warrants is subject to shareholder approval of
sufficient allotment authorities to be sought at the Company's next annual
general meeting.
The Issue Price represents a discount of 17 per cent. to the closing
mid-market price of 0.241 pence per Existing Share on 14 May 2026 (being the
last practicable Business Day before announcement of the Fundraising).
Shard Capital Partners LLP ("Shard") acted as sole broker to the Company for
the Placing.
Background to and Reasons for the Fundraising
The Company has identified certain fundamental issues impacting drug
development today, in terms of innovation, productivity and access. A lack of
expertise in early-stage drug developers, particularly in academia,
contributes to low rates of success in translating novel scientific research
into valuable new therapeutic assets, hindering both the adoption of
innovation and the overall productivity of developing new treatments.
To address these fundamental issues, ValiRx has adopted a strategy to improve
the efficacy of translating promising novel research into the preclinical
development phase, with a particular focus on women's health and oncology.
Combining its clinical knowledge, deep biological expertise, data generation
and data interpretation abilities, ValiRx seeks to unlock the substantial
potential of early-stage innovation and provide a specialist service for its
in-house collaborative projects and third-party innovators through its
subsidiary, Inaphaea Biolabs Limited ("Inaphaea").
The Company is focused on a number of near-term operational objectives which
may provide potential value inflection points. These include the grant of
Cytolytix patents and the filing of new intellectual property, supporting the
continued expansion of the Group's intellectual property portfolio; validation
of the primary indication for ValiRx Animal Health, with the potential to
support external investment and clinical partnering opportunities; and the
progression of multiple non-dilutive funding applications, with read-outs
expected between July and November 2026.
In addition, the Company is seeking to validate VAL201 2.0 and make associated
patent filings, which may further extend the Group's intellectual property
portfolio and support potential external investment into Blue Ribbon Bio. The
Company is also progressing the establishment of a special purpose vehicle and
the in-licensing of the McGill asset, with the potential for a cross-licence
to ValiRx Animal Health and external co-development. The Company also expects
to complete the 3K screen repurposing selection process and provide a results
read-out, which may support future grant funding and/or a partnered asset
opportunity.
Fundraising Warrants
In connection with the Fundraising, the Company has offered to all subscribers
of New Ordinary Shares, warrants to subscribe for one (1) Ordinary Share for
every one (1) New Ordinary Share subscribed for. The Fundraising Warrants will
be exercisable at a price of 0.28 pence per Ordinary Share, a premium of
approximately 40 per cent. to the Issue Price. The Fundraising Warrants are
exercisable at any time until the third anniversary of the date of grant. The
Fundraising Warrants will only be granted to subscribers of New Ordinary
Shares, conditional inter alia on shareholder approval of sufficient allotment
authorities to be sought at the Company's forthcoming annual general meeting.
Should the relevant shareholder approval not be obtained, participants in the
Fundraising will receive only the New Ordinary Shares subscribed for, and not
the related Fundraising Warrants.
Broker Warrants
Pursuant to the Placing Agreement, the Company has agreed to grant warrants to
subscribe for new Ordinary Shares to Shard. The Company has agreed to grant
Shard 50,000,000 Broker Warrants. The Broker Warrants will be exercisable at
the Issue Price. The Broker Warrants are exercisable at any time until the
third anniversary of the date of grant. The Broker Warrants will be granted to
Shard, conditional inter alia on shareholder approval of sufficient allotment
authorities to be sought at the Company's next annual general meeting.
Fundraising highlights
· Placing and Subscription to raise gross proceeds of approximately
£1,005,000
· Retail Offer to raise up to an additional £150,000, providing
shareholders and other investors an opportunity to participate in the
Fundraising
· Warrants to subscribe for one (1) New Ordinary Share for every
one (1) New Ordinary Shares subscribed for pursuant to the Fundraising
· Issue Price of 0.2 pence per share represents a discount of 17
per cent. to closing market price on last practicable Business Day prior to
this announcement, being 0.241 pence per share.
Admission to trading on AIM
Application has been made to the London Stock Exchange for the Placing Shares
and Subscription Shares to be admitted to trading on AIM. It is anticipated
that Admission will become effective and that dealings in the New Ordinary
Shares will commence on AIM at 8.00 a.m. on or around 1 June 2026 or such
other date (being not later than 8.00 a.m. on 15 June 2026) as Cairn, Shard
and the Company may agree.
Total Voting Rights
For the purpose of the Disclosure Guidance and Transparency Rules, following
Admission the enlarged issued share capital of the Company will comprise
1,320,301,072 (assuming full take up of the Retail Offer if implemented)
ordinary shares of 0.1 pence each. The Company does not hold any shares in
treasury. The above 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 Company, under the
Disclosure Guidance and Transparency Rules.
Martin Gouldstone, Non-Executive Chairman, commented: "We have had a solid
year of progress against our stated goals, notably adding high quality assets
to our portfolio. The capital raised will be instrumental in accelerating
these and progressing them to value inflection points. ValiRx is building an
asset rich business which, we believe is massively undervalued. The current
raise is a testament to this."
Mark Eccleston, CEO, commented: "This fundraising is intended to support
several important strategic and scientific milestones across the ValiRx
portfolio. We believe the combination of Cytolytix, the McGill opportunity,
our growing companion animal health activities and continued development of
our translational capabilities creates multiple opportunities for value
creation over the coming 12 months.
"Importantly, we continue to focus on a capital-efficient model built around
licensing, partnerships, SPVs and non-dilutive funding opportunities, rather
than relying solely on traditional high-cost biotech development pathways.
"We believe the current valuation does not fully reflect the breadth of
assets, intellectual property and commercial optionality within the Group, and
this fundraising is designed to help unlock several potential near-term
catalysts."
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the
European Union (Withdrawal) Act 2018 ("UK MAR"). The Directors of the Company
take responsibility for this announcement. In addition, market soundings (as
defined in UK MAR) were taken in respect of certain of the matters contained
in this Announcement, with the result that certain persons became aware of
such inside information, as permitted by UK MAR. Upon the publication of
this Announcement, this inside information is now considered to be in the
public domain and such persons shall therefore cease to be in possession of
inside information.
Information to Distributors
UK Product Governance Requirements
Solely for the purposes of the Product Governance requirements contained
within Chapter 3 of the FCA Handbook Product Intervention and Product
Governance Sourcebook (the "UK Product Governance Requirements") and
disclaiming all and any liability, whether arising in tort, contract or
otherwise, which any "manufacturer" (for the purposes of the UK Product
Governance Requirements) may otherwise have with respect thereto, the Placing
Shares and the Fundraising Warrants have been subject to a product approval
process, which has determined that the Placing Shares and the Fundraising
Warrants are: (i) compatible with an end target market of (a) retail
investors, (b) investors who meet the criteria of professional clients and (c)
eligible counterparties, each as defined in the FCA Handbook Conduct of
Business Sourcebook; and (ii) eligible for distribution through all
distribution channels as are permitted by UK Product Governance Requirements
(the "UK Target Market Assessment"). Notwithstanding the UK Target Market
Assessment, distributors should note that: the price of the Placing Shares and
the Fundraising Warrants may decline and investors could lose all or part of
their investment; the Placing Shares and the Fundraising Warrants offer no
guaranteed income and no capital protection; and an investment in the Placing
Shares and the Fundraising Warrants is compatible only with investors who do
not need a guaranteed income or capital protection, who (either alone or in
conjunction with an appropriate financial or other adviser) are capable of
evaluating the merits and risks of such an investment and who have sufficient
resources to be able to bear any losses that may result therefrom.
The UK Target Market Assessment is without prejudice to the requirements of
any contractual, legal or regulatory selling restrictions in relation to the
Placing. Furthermore, it is noted that, notwithstanding the UK Target Market
Assessment, Shard will only procure investors who meet the criteria of
professional clients and eligible counterparties.
For the avoidance of doubt, the UK Target Market Assessment does not
constitute: (a) an assessment of suitability or appropriateness for the
purposes of Chapters 9A or 10A, respectively, of the FCA Handbook Conduct of
Business Sourcebook; or (b) a recommendation to any investor or group of
investors to invest in, or purchase, or take any other action whatsoever with
respect to, the Placing Shares and the Fundraising Warrants.
Each distributor is responsible for undertaking its own target market
assessment in respect of the Placing Shares and the Fundraising Warrants and
determining appropriate distribution channels.
EU Product Governance Requirements
Solely for the purposes of the product governance requirements contained
within (a) EU Directive 2014/65/EU on markets in financial instruments, as
amended ("MiFID II"), (b) Articles 9 and 10 of Commission Delegated Directive
(EU) 2017/593 supplementing MiFID II and (c) local implementing measures
(together the "EU Product Governance Requirements") and disclaiming all and
any liability, whether arising in tort, contract or otherwise, which any
"manufacturer" (for the purposes of the EU Product Governance Requirements)
may otherwise have with respect thereto, the Placing Shares and the
Fundraising Warrants have been subject to product approval process, which has
determined that the Placing Shares and the Fundraising Warrants are: (i)
compatible with an end target market of (a) retail investors, (b) investors
who meet the criteria of professional clients and (c) eligible counterparties,
each as defined in MiFID II; and (ii) eligible for distribution through all
distribution channels as are permitted by EU Product Governance Requirements
(the "EU Target Market Assessment"). Notwithstanding the EU Target Market
Assessment, distributors should note that: the price of the Placing Shares and
the Fundraising Warrants may decline and investors could lose all or part of
their investment; the Placing Shares and the Fundraising Warrants offer no
guaranteed income and no capital protection; and an investment in the Placing
Shares and the Fundraising Warrants is compatible only with investors who do
not need a guaranteed income or capital protection, who (either alone or in
conjunction with an appropriate financial or other adviser) are capable of
evaluating the merits and risks of such an investment and who have sufficient
resources to be able to bear any losses that may result therefrom.
The EU Target Market Assessment is without prejudice to the requirements of
any contractual, legal or regulatory selling restrictions in relation to the
Placing. Furthermore, it is noted that, notwithstanding the EU Target Market
Assessment, Shard will only procure investors who meet the criteria of
professional clients and eligible counterparties.
Furthermore, it is noted that, notwithstanding the UK Target Market Assessment
and the EU Target Market Assessment, Shard will only procure investors who
meet the criteria of professional clients and eligible counterparties. For the
avoidance of doubt, the EU Target Market Assessment does not constitute: (a)
an assessment of suitability or appropriateness for the purposes of MiFID II;
or (b) a recommendation to any investor or group of investors to invest in, or
purchase, or take any other action whatsoever with respect to the Placing
Shares and the Fundraising Warrants.
Each distributor is responsible for undertaking its own target market
assessment in respect of the Placing Shares and the Fundraising Warrants and
determining appropriate distribution channels.
Cautionary statement
Certain statements made in this announcement are forward-looking statements.
Such statements are based on current expectations and assumptions and are
subject to a number of risks and uncertainties that could cause actual events
or results to differ materially from any expected future events or results
expressed or implied in these forward-looking statements. Persons receiving
this announcement should not place undue reliance on forward-looking
statements. Unless otherwise required by applicable law, regulation or
accounting standard, the Company does not undertake to update or revise any
forward-looking statements, whether as a result of new information, future
developments or otherwise.
For more information, please contact:
Investor questions on this announcement https://valirx.com/link/eNbnle
We encourage all investors to share questions
on this announcement via our investor hub
ValiRx plc Tel: +44 115 784 0026
www.valirx.com (http://www.valirx.com)
Dr Mark Eccleston, CEO Mark.Eccleston@valirx.com
Cairn Financial Advisers LLP (Nominated Adviser) Tel: +44 (0) 20 7213 0880
Liam Murray / Ludovico Lazzaretti / James Western
Shard Capital Partners LLP (Broker) Tel: +44 (0) 20 7186 9000
Damon Heath
Andrew Gutmann
V Formation (Public Relations) +44 (0) 115 787 0206
www.vformation.biz (http://www.vformation.biz)
Lucy Wharton - Senior PR Executive lucy@vformation.biz
Sue Carr - Director sue@vformation.biz
ValiRx is an AIM-quoted life science company focused on cancer therapeutics
and women's health. The Company seeks to identify the most promising research
in academia and innovative biotechnology companies and translate this research
towards clinical development, providing a pathway to commercialisation.
Use of Proceeds
The proceeds of the Fundraising, in aggregate of approximately £1,155,000
(before expenses and assuming full take up of the Retail Offer if
implemented), are intended to be used by the Group for the following:
Estimated cost
· Set up of new SPV and in licensing of McGill Asset £0.35M
· Preclinical development of Cytolytix - Immune engagement and £0.25M
toxicity testing
· 3K Screen and new evaluations (including VAL201 2.0) £0.15M
· Operational costs with balance from R&D tax credits, revenue £0.25M
and grants
The money raised will allow ValiRx and its subsidiaries to build on recent
progress, further enhancing its patent protection around both Cytolytix and
VAL201 assets which will increase the patent lifetime of the assets and
strengthen our negotiating position with potential Pharma partners.
The Directors believe this funding strategy balances disciplined capital
allocation with progression of multiple independent commercial and scientific
opportunities.
For the purposes of section 571(6)(c) of the Companies Act 2006, the Issue
Price has been determined by the Company following discussions with market
participants and its professional advisers.
Details of the Placing, Subscription and Fundraising Warrants
Details of the Fundraising
The Fundraising comprises the Placing, the Subscription, Retail Offer and the
grant of the Fundraising Warrants.
Further details of each element of the Fundraising are set out below.
The Placing
The Company has conditionally raised approximately £1,000,000 (before
expenses) through the Placing.
The Placing Units have been conditionally placed with new and existing
investors. The Placing Units are not being underwritten.
The Placing Units were not, and are not being, offered to the public and are
not being offered or sold in any jurisdiction where it would be unlawful to do
so.
The issue of the Placing Shares is conditional, inter alia, on Admission
becoming effective by no later than 8.00 a.m. on or around 1 June 2026 or such
other date (being not later than 8.00 a.m. on 15 June 2026) as Cairn, Shard
and the Company may agree.
The grant of the Fundraising Warrants is conditional, inter alia, on
shareholder approval of sufficient allotment authorities to be sought at the
Company's forthcoming annual general meeting.
The Subscription & Director Participation
The Company has conditionally raised approximately £5,000 (before expenses)
through the Subscription.
Gerry Desler has agreed to subscribe for, in aggregate 2,500,000 Subscription
Shares and 2,500,000 Fundraising Warrants. In addition, Mark Eccleston has
indicated his intention to subscribe for New Ordinary Shares through the
Retail Offer if it is implemented. It is expected that, in aggregate, £55,000
will be raised via these subscriptions by the Directors.
The issue of the Subscription Shares is conditional, inter alia, on Admission
becoming effective by no later than 8.00 a.m. on or around 1 June 2026 or such
other date (being not later than 8.00 a.m. on 15 June 2026) as Cairn, Shard
and the Company may agree.
Related Party Transaction
The participation of Gerry Desler in the Fundraising is a "related party
transaction" for the purposes of Rule 13 of the AIM Rules (the "Transaction").
Cathy Tralau-Stewart and Martin Gouldstone, being directors of the Company
independent of the Transaction, having consulted with the Company's nominated
adviser, Cairn Financial Advisers LLP, consider that the terms of the
Transaction are fair and reasonable in so far as the Company's shareholders
are concerned.
Issue Price
The Issue Price represents a discount of approximately 17 per cent. to the
closing middle market price of 0.241 pence per Ordinary Share on 14 May 2026,
being the latest practicable date prior to the publication of this
announcement by the Company on 15 May 2026.
The New Ordinary Shares will be issued as fully paid and will, upon issue,
rank pari passu with the Existing Ordinary Shares including the right to
receive all dividends and other distributions declared, made or paid on or in
respect of such shares after their date of issue.
Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No.
596/2014
1 Details of the person discharging managerial responsibilities/person closely
associated
a. Name Gerry Desler
2 Reason for notification
a. Position/Status Director
b. Initial notification/ Initial notification
Amendment
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a. Name ValiRx PLC
b. LEI 213800VQKB9SJCQDET40
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
a. Description of the financial instrument, type of instrument Ordinary Shares
Identification Code
ISIN: GB00BLH13C52
b. Nature of the transaction Purchase of shares as part of the Fundraising
c. Price(s) and volume(s)
Price(s) Volume(s)
0.20 pence 2,500,000
d. Aggregated information
- Aggregated Volume N/A
- Price
e. Date of the transaction 14 May 2026
f. Place of the transaction Outside a trading venue
DEFINITIONS
The following words and expressions shall have the following meanings in this
Announcement unless the context otherwise requires:
· "Admission" · admission of the New Ordinary Shares to trading on AIM becoming
effective in accordance with the AIM Rules which is expected to occur at 8.00
a.m. on 1 June 2026;
· "AIM" · the market of that name operated by London Stock Exchange;
· "AIM Rules" · the AIM Rules for Companies published by London Stock Exchange
from time to time;
· "Broker Warrant Instrument" · the instrument constituting the Broker Warrants which shall be
entered into by the Company following and subject to shareholder approval of
sufficient allotment authorities being passed at the Company's next annual
general meeting, expected to be held in June 2026;
· "Broker Warrants" · the warrants constituted by the Broker Warrant Instrument and
conditionally issued to Shard;
· "Business Day" · any day other than a Saturday, Sunday or public holiday in
England and Wales on which clearing banks in London are open for general
banking business;
· "Cairn" · Cairn Financial Advisers LLP;
· "certificated" or · not in uncertificated form;
"in certificated form"
· "Company" or "ValiRx" · ValiRx PLC;
· "CREST" · the facilities and procedures for the time being of the relevant
system of which Euroclear has been approved as operator pursuant to the CREST
Regulations;
· "CREST Regulations" · the Uncertificated Securities Regulations 2001 (SI 2001/3755);
· "Directors" or "Board" · the directors of the Company, or any duly authorised committee
thereof;
· "Enlarged Share Capital" · the issued ordinary share capital of the Company immediately
following Admission;
· "Existing Shares" · the 742,801,072 Shares in issue as at the date of this document;
· "FCA" · Financial Conduct Authority;
· "Form of Proxy" the form of proxy for use at the General Meeting, which accompanies this
document;
· "Fundraising" · the fundraising being undertaken by the Company, comprising the
Placing, the Subscription, the Retail Offer and the grant of the Fundraising
Warrants;
"Fundraising Warrant Instrument" the instrument constituting the Fundraising Warrants which shall be entered
into by the Company following and subject to shareholder approval of
sufficient allotment authorities being passed at the Company's next annual
general meeting, expected to be held in June 2026;
· "Fundraising Warrants" · the warrants constituted by the Fundraising Warrant Instrument
and issued to subscribers of New Ordinary Shares;
· "Group" · the Company and its subsidiary undertakings from time to time;
· "Issue Price" · 0.2 pence per New Ordinary Share;
· "Broker" · Shard;
· "London Stock Exchange" · London Stock Exchange Group plc;
· "Neville Registrars" or "Receiving Agent" · Neville Registrars Limited;
· "New Ordinary Shares" · the Placing Shares, the Subscription Shares and the Retail Offer
Shares;
· "Ordinary Shares" or "Shares" · the ordinary shares of 0.1 pence each in the capital of the
Company;
· "Placing" · the placing by Shard, as agent of the Company, of the Placing
Units;
· "Placing Shares" · 500,000,000 Ordinary Shares to be issued by the Company at the
Issue Price pursuant to the Placing;
· "Placing Units" the Placing Shares and the Fundraising Warrants to be issued to Placees;
· "Register" · the register of members of the Company;
· "Regulatory Information Service" · a regulatory information service approved by the FCA and on the
list of regulatory information services maintained by the FCA;
· "Resolutions" · the resolutions to be proposed at the upcoming Annual General
Meeting of the Company, expected to be held in June 2026;
· "Restricted Jurisdiction" · any of Canada, Australia, Belarus, New Zealand, the Republic of
Ireland, the Republic of South Africa, Russia, Switzerland or Japan;
· "Retail Offer Shares" means up to 75,000,000 Ordinary Shares to be issued by the Company at the
Issue Price conditional on a Retail Offer;
· "Shareholders" · holders of Shares;
· "Shard" · Shard Capital Partners LLP;
· "Subscriber" Gerry Desler, who has agreed to subscribe for the Subscription Shares at the
Issue Price pursuant to the Subscription Agreement;
· "Subscription" · the conditional subscription by the Subscriber for the
Subscription Shares at the Issue Price made on the terms and subject to the
conditions set out in the Subscription Agreement;
· "Subscription Agreement" the conditional agreement entered into between the Company and the Subscriber,
relating to the Subscription;
· "uncertificated form" or · recorded in the Register as being held in uncertificated form in
"in uncertificated form" CREST and title to which, by virtue of the CREST Regulations, may be
transferred by means of CREST;
· "United Kingdom" or "UK" · the United Kingdom of Great Britain and Northern Ireland;
· "United States" or "US" · the United States of America;
· "US Dollar" · the lawful currency of the United States;
· "US Securities Act" · the U.S. Securities Act of 1933, as amended; and
· "Warrant Instrument" · the instrument which, subject to shareholder approval of
sufficient allotment authorities to be sought at the Company's next annual
general meeting, expected to be held in June 2026.
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