Update on Convertible Note & Loan Extension

Advanced Oncotherapy PLC

15 May 2023

 

15 May 2023

ADVANCED ONCOTHERAPY PLC

("Advanced Oncotherapy", "AVO" or the "Company")

Update on Secured Convertible Note Facility & Loan Extension

Update on Secured Convertible Note Facility

Further to the Company's announcement on 5 May 2023, Advanced Oncotherapy (AIM:AVO), the developer of LIGHT, the next-generation proton therapy system for cancer treatment, announces that it has received the balance of funds totalling £125,000 due under the secured convertible loan agreements entered into by the Company with investors and directors.

As at the date of this announcement total funds of £6.345 million have been received from investors under the secured convertible loan note.

As announced on 1 March 2023, and in subsequent updates, the Company is taking steps to raise additional financing including through raising further funds pursuant to the secured convertible loan facility.

Loan Extension

The Company also announces that the repayment date of its £10m loan facility with Credit Suisse AG (the "Loan") has been extended to 4 September 2023. The Loan is secured against an aggregated amount of £10.5 million. Nerano Pharma Ltd, acting as Third Party Pledgor, placed £10 million in a pledged account, with the remainder 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.

The extension of the repayment date of the Loan will allow the Company to focus its financial resources on the strategic review process announced on the 18 April 2023.

Rule 2.9 disclosure

In accordance with Rule 2.9 of the Takeover Code, AVO confirms that, following the receipt of funds under the Secured Convertible Note, it now has 6,345,125 senior secured fixed rate convertible loan notes ("Loan Notes") in issue (as at today's date), which have a maturity date of 11 January 2024 and are convertible into ordinary shares of 25p each in the Company at a conversion price representing a 20% discount to the next equity fund raising undertaken by the Company. The Loan Notes pay an interest rate of 1.25% per month and includes a revenue sharing agreement with Harley Street Centre.

AVO also confirms that as at the close of business on 11 May 2023 its issued share capital consisted of 537,481,209 ordinary shares of 25 pence each. The International Securities Identification Number for the Company's ordinary shares is GB00BD6SX109.

Further updates will be provided as appropriate.

Advanced Oncotherapy plc	www.avoplc.com
Dr. Michael Sinclair, Executive Chairman	Tel: [phone]
Nicolas Serandour, CEO
WH Ireland Limited (Financial adviser)	Tel: [phone]
Antonio Bossi / James Bavister	[e-mail]
Allenby Capital Limited (Nomad and Joint Broker)
Nick Athanas / Piers Shimwell (Corporate Finance) Amrit Nahal / Matt Butlin (Sales & Corporate Broking)	Tel: [phone]
SI Capital Ltd (Joint Broker)
Nick Emerson	Tel: [phone]
Jon Levinson	Tel: [phone]

About Advanced Oncotherapy Plc www.avoplc.com

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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