Angle extends fundraising after investor suffers paperwork problem
(ShareCast News) - Liquid biopsy company Angle announced on Thursday that it has conditionally raised £2.8m through a subscription for 7,481.570 new ordinary shares, at a price of 37.5p each.
The AIM-traded firm said the subscription was in addition to the fundraising announced on 5 October, which was for £12.2m through the issue of 34,789,178 new ordinary shares at a price of 35p per new ordinary share, as announced on 5 October.
It said the further subscription had been entered into to allow an investor to subscribe for new shares - the investor had wanted to participate in the fundraising, Angle explained, but due to the compact timelines it could not co-ordinate the necessary paperwork in time.
As a result of the further subscription, the total number of new ordinary shares to be issued under both the fundraising and the further subscription would be 42,270,748, and the total number of ordinary shares in issue following admission of all of the fundraising shares and the further subscription shares would be 117,086,522.
The new ordinary shares being issued under the fundraising and further subscription would represent approximately 36.1% of the enlarged issued share capital, Angle's board confirmed.
"This further subscription will give the company a stronger balance sheet, which will provide flexibility to both target relevant investment and assist the company in pursuing commercial partnerships for both Parsortix and the assets to be acquired from Axela," said Angle's founder and chief executive Andrew Newland.