TIDMTEK
RNS Number : 4968F
Tekcapital plc
17 November 2020
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 ("MAR"). With the
publication of this announcement via a Regulatory Information
Service ("RIS"), this inside information is now considered to be in
the public domain.
17 November 2020
Tekcapital plc
("Tekcapital" or the "Company")
Placing to raise GBP380,000 (US$500,000)
Tekcapital plc, (AIM: TEK) the UK intellectual property
investment group focused on creating marketplace value from
investing in university technology, announces that it has raised a
total of GBP380,000 (US$500,000) (before expenses) by way of the
issue of, in aggregate, 4,750,000 new ordinary shares of 0.4 pence
each in the Company (the "Placing Shares"), at 8 pence per share
(the "Placing Price") (together, the "Placing").
The funds raised will primarily be used to enable Guident and
Salarius take advantage of new commercial opportunities. In
addition, our previous guidance for our portfolio company's
(Belluscura) timing for the likely receipt of FDA clearance for the
X-PLO(2) R in H2 remains unchanged.
Key Highlights:
- GBP380,000 (US$500,000) (before expenses) raised by means of a
fundraise through the issue of, in aggregate 4,750,000 Placing
Shares at 8 pence per New Ordinary Share.
- Funds raised will primarily be used to:
o Increase investment in Guident and commit up to US$350,000 to
facilitate the rapid design and fabrication of its new regenerative
shock absorbers for road testing by two listed automotive companies
that have recently signed NDA's with Guident.
o Increase investment in Salarius and commit up to US$150,000
for sales and product support for B2B sales of MicroSalt(R) in
Mexico following the recently signed distribution agreement with
FXM Ingredients, Inc., a leading food ingredient supplier in
Mexico. This is a timely opportunity for Salarius, as the Mexican
government has just enacted a new law in October 2020, requiring
front of package labelling for snack foods containing large amounts
of sodium. As a result, snack food companies are keen to lower
their sodium content on a wide range of products. Additionally,
Salarius is seeking to enhance their upcoming Amazon launch and
sales of SaltMe(R) crisps by producing and including small (1 oz)
retail bag design and inventory in addition to their 5oz family
size packaging.
- The Placing Price represents a discount of approximately 8.6
per cent. to the closing mid-market price of 8.75 pence on 16
November 2020, being the last trading day prior to the release of
this announcement of the Placing.
- The Placing Shares will represent approximately 5.4 per cent.
of the Existing Ordinary Shares and will, when issued, represent
approximately 5.1 per cent. of the Enlarged Share Capital.
- The Placing was undertaken by the Company's broker SP Angel Corporate Finance LLP.
Admission and Total Voting Rights
Application has been made for the 4,750,000 New Ordinary Shares
to be admitted to trading on AIM ("Admission"). It is expected that
Admission will become effective on or around 20 November 2020.
Following the issue of the 4,750,000 New Ordinary Shares, which
on Admission will rank pari passu with the existing ordinary
shares, the total number of ordinary shares in issue with voting
rights in the Company will be 92,828,042. There are no shares held
in treasury.
The above figure of 92,828,042 may therefore be used by
shareholders as the denominator for the calculation by which they
may determine if they are required to notify their interest in, or
change to their interest in, the Company under the FCA's Disclosure
Guidance and Transparency Rules.
Clifford M. Gross Ph.D., Executive Chairman of Tekcapital plc
commented:
"We are pleased to announce the completion of this placing as it
will enable us to accelerate the further development of Guident ltd
and Salarius ltd as they seek to capitalise on recent positive
developments. Progress with Lucyd(R) ltd is on track with their new
Lyte E-glasses and our previous guidance regarding the likely
receipt of FDA clearance by Belluscura plc in H2 remains
unchanged."
Tekcapital Plc Via Flagstaff
Clifford M. Gross, Ph.D.
SP Angel Corporate Finance LLP
(Nominated Adviser and Broker) +44 (0) 20 3470 0470
Richard Morrison/Charlie Bouverat (Corporate
Finance)
Abigail Wayne / Rob Rees (Corporate Broking)
Flagstaff Strategic and Investor Communications +44 (0) 20 7129 1474
Tim Thompson/Andrea Seymour/Fergus Mellon
About Tekcapital plc
Tekcapital creates value from investing in new,
university-developed intellectual properties and provides a range
of IP investment services to make it easy for organisations to
commercialise university-developed technology. Tekcapital is quoted
on the AIM market of the London Stock Exchange (AIM: symbol TEK)
and is headquartered in Oxford, in the UK. For more information,
please visit www.tekcapital.com
LEI: 213800GOJTOV19FIFZ85
For further information, please contact:
Forward-Looking Statements:
Certain statements in this announcement are or may be deemed to
be forward-looking statements. Forward-looking statements are
identi ed by their use of terms and phrases such as "believe"
"could" "should" "envisage" "estimate" "intend" "may" "plan" "will"
or the negative of those variations or comparable expressions
including references to assumptions. These forward-looking
statements are not based on historical facts but rather on the
Directors' current expectations and assumptions regarding the
Company's future growth results of operations performance future
capital and other expenditures (including the amount. nature and
sources of funding thereof) competitive advantages business
prospects and opportunities. Such forward-looking statements re ect
the Directors' current beliefs and assumptions and are based on
information currently available to the Directors. Many factors
could cause actual results to differ materially from the results
discussed in the forward-looking statements including risks
associated with vulnerability to general economic and business
conditions, fluctuations in portfolio company net asset values,
competition environmental and other regulatory changes actions by
governmental authorities the availability of capital markets
reliance on key personnel uninsured and underinsured losses and
other factors many of which are beyond the control of the Company
such as the COVID-19 pandemic. Although any forward-looking
statements contained in this announcement are based upon what the
Directors believe to be reasonable assumptions. The Company cannot
assure investors that actual results will be consistent with such
forward-looking statements.
SP Angel Corporate Finance LLP, which is a member of the London
Stock Exchange, is authorised and regulated in the United Kingdom
by the Financial Conduct Authority and is acting as financial
adviser, nominated adviser and broker for the purposes of the AIM
Rules for Companies. SP Angel Corporate Finance LLP is acting
exclusively for the Company in connection with the matters referred
to in this announcement and for no-one else and will not be
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END
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