Genedrive draws down £0.3m under equity prepayment facility

Molecular diagnostics company Genedrive announced the latest drawdown of £0.3m under its £5m equity prepayment facility on Wednesday.

The company initially announced the facility on 31 March.

As part of the drawdown, Genedrive said it would issue 724,997 warrants to investors, equivalent to 40% of the drawdown divided by the reference price, which stood at 16.55178p.

The warrants would have an exercise price of 140% of the reference price, amounting to 23.172492p.

Genedrive's equity prepayment dacility provides the company with a means to secure financing while minimising potential dilution for existing shareholders.

At 1358 BST, shares in Genedrive were down 4.48% at 16p.

Reporting by Josh White for Sharecast.com.