Amphion Innovations PLC Additional Draw Down on Loan Facility (8824F)
May 22 2017 - 11:36AM
UK Regulatory
TIDMAMP
RNS Number : 8824F
Amphion Innovations PLC
22 May 2017
AMPHION INNOVATIONS PLC
("Amphion" or "the Company")
Additional Draw Down on Loan Facility
London and New York, 22 May 2017 - Amphion Innovations plc (AIM:
AMP), the developer of medical, life science, and technology
businesses, today announces that the Company has agreed terms for
the draw-down of an additional US $1,500,000 (an "Additional Draw")
under the loan facility as announced on 5 June 2014 (the
"Facility"). This draw-down will occur in two tranches of US
$750,000, the first tranche available as of the date of the signed
agreement, being today, and the second tranche shall become
available on 1 July 2017.
The current loan balance under the Facility after both tranches
of the Additional Draw will be US $6,149,011, which may be repaid
in cash or Ordinary Shares. Of this total amount, including the
Additional Draw, US $3,000,000 may be converted into ordinary
shares of 1p each in the capital of the Company ("Ordinary Shares")
at 6 pence per share, and $3,149,011 may be converted into Ordinary
Shares at 8 pence per share.
Under the terms of the Additional Draw, the interest rate will
be 10% with repayment to be added to the outstanding balance and
amortized over the remaining life of the loan, which matures on 15
December 2017. The proceeds are to be used for working capital for
Amphion and its Partner Companies.
The current loan under the Facility is secured by the pledge by
the Company of 42,461,625 ordinary shares of Motif Bio plc. Amphion
has transferred the legal title to, but retains the beneficial
interest in, the total pledged shares.
In respect of the terms of the Additional Draw, Amphion has
issued 10,000,000 new Ordinary Shares to the Lender for nil
consideration. Application will be made to the London Stock
Exchange for the New Ordinary Shares to be admitted to trading on
AIM ("Admission"). The new Ordinary Shares will, when issued, rank
equally in all respects with the existing Ordinary Shares. It is
expected that Admission will become effective and that dealings in
the new Ordinary Shares will commence on 26 May 2017.
Following the Admission of the 10,000,000 new Ordinary Shares,
the Company will have 207,511,229 ordinary shares in issue with
each ordinary share holding one voting right.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014 ("MAR").
For further information please contact:
Amphion Innovations
Charlie Morgan
+1 212 210 6224
Panmure Gordon Limited (Nominated Adviser and Corporate
Broker)
Freddy Crossley / Duncan Monteith (Corporate Finance)
Charlie Leigh-Pemberton (Corporate Broking)
+44 (0)20 7886 2500
Northland Capital Partners Limited (Joint Corporate Broker)
Patrick Claridge / David Hignell (Corporate Finance)
John Howes (Corporate Broking)
+44 (0)20 7382 1100
About Amphion Innovations plc
Amphion Innovations is a developer of medical, life science and
technology businesses. We use our extensive experience in company
building to invest and build shareholder value in high growth
companies in the US and UK. Amphion has significant shareholding in
7 Partner Companies developing proven technologies targeting
substantial commercial marketplaces. The Amphion model has been
refined to optimise the commercialisation of patents and other
intellectual property within the Partner Companies. The Partner
Companies collectively own or control over 200 separately
identified pieces of intellectual property, a number which grows
rapidly each year.
On the web: www.amphionplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
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