Issue of warrants and equity and Loan Extension

RNS Number : 4092U

Advanced Oncotherapy PLC

02 December 2021

 

ADVANCED ONCOTHERAPY PLC

("Advanced Oncotherapy" or the "Company")

Issue of warrants re Loan extension, issue of equity re Advisory Services Arrangement and Loan Extension

Change to Total Voting Rights

Advanced Oncotherapy (AIM:AVO), the developer of LIGHT, the next-generation proton therapy system for cancer treatment, announces the issue of 3,750,000 warrants in respect of its £10 million secured debt facility (the "Loan") with Credit Suisse AG. Separately, in exchange for financial advisory services in relation to the funding of future LIGHT systems (the "Advisory Services Arrangement"), the Company will issue 477,435 new ordinary shares of 25 pence in the Company to   VanGuard Americas Corp. ("New Ordinary Shares").

Loan Extension and Issue of Warrants

As detailed in the Company's results for the Year Ended 31 December 2020, in May 2021 the Company extended the repayment date of the full quantum of the Loan on a rolling quarterly basis through to 11 May 2022. The repayment date of the Loan has now been extended to 8 November 2022. The Loan is secured against an aggregated amount of £10.5 million. Nerano Pharma Ltd¹ ("Nerano Pharma") acting as Third Party Pledgor placed £10 million in a pledged account, with the remaining £0.5 million placed in a pledged account by the Company. Full details of the Loan are set out in the Company's announcement published on 10 May 2019. It has been agreed that, in relation to the extension of the repayment date of the Loan from May 2021 to November 2022, warrants to subscribe for 3,750,000 new ordinary shares will be issued to Nerano Pharma with an exercise price of 60 pence per share, exercisable up until 11 November 2024.The extension of the repayment date of the Loan has allowed the Company to focus its financial resources on existing projects and towards the development of its LIGHT system.

Advisory Services Arrangement (Issue of Equity)

The New Ordinary Shares will be issued at a price of 37.7015 pence per share, being the weighted average closing middle market price of an ordinary share over the preceding five trading days.

Once issued, the New Ordinary Shares will rank pari passu in all respects with the existing Ordinary Shares of the Company.

Application will be made for the 477,435 New Ordinary Shares to be admitted to trading on AIM ("Admission") and it is expected that Admission will occur on or around 8 December 2021.

Total voting rights

Following Admission, the Company's enlarged issued share capital will comprise 451,612,211 Ordinary Shares of 25 pence each, with one voting right per share ("Ordinary Shares"). The Company does not hold any ordinary shares in treasury and therefore the total number of Ordinary Shares with voting rights in the Company will be 451,612,211 .

The aforementioned 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 share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

¹ Nerano Pharma Ltd is a company owned and controlled by Seamus Mulligan, a significant shareholder in the Company.

Notes for editors

Advanced Oncotherapy plc	www.avoplc.com
Dr Michael Sinclair, Executive Chairman	Tel: [phone]
Nicolas Serandour, CEO
Allenby Capital Limited (Nomad and Joint Broker)	Tel: [phone]
Nick Athanas / Liz Kirchner (Corporate Finance) Amrit Nahal / Matt Butlin (Sales and Corporate Broking)
SI Capital Ltd (Joint Broker)
Nick Emerson	Tel: [phone]
Jon Levinson	Tel: [phone]
FTI Consulting (Financial PR & IR)	[e-mail]
Simon Conway / Rob Winder	Tel: [phone]

About Advanced Oncotherapy Plc

Advanced Oncotherapy, a UK headquartered company with offices in London, Geneva, The Netherlands and in the USA, is a provider of particle therapy with protons that harnesses the best in modern technology. Advanced Oncotherapy's team "ADAM," based in Geneva, focuses on the development of a proprietary proton accelerator called, Linac Image Guided Hadron Technology (LIGHT). LIGHT's compact configuration delivers proton beams in a way that facilitates greater precision and electronic control.

Advanced Oncotherapy will offer healthcare providers affordable systems that will enable them to treat cancer with innovative technology as well as expected lower treatment-related side effects.

Advanced Oncotherapy continually monitors the market for any emerging improvements in delivering proton therapy and actively seeks working relationships with providers of these innovative technologies. Through these relationships, the Company will remain the prime provider of an innovative and cost-effective system for particle therapy with protons.

 

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