TyraTech, Inc. Exercise of Warrants (0871T)
October 01 2014 - 2:00AM
UK Regulatory
TIDMTYR TIDMTYRU
RNS Number : 0871T
TyraTech, Inc.
01 October 2014
TyraTech Inc.
1 October 2014
TyraTech Inc.
("TyraTech" or the "Company")
Exercise of Warrants
TyraTech Inc. (AIM: TYR and TYRU), a life sciences company
focusing on nature-derived insect and parasite control products,
has received an exercise notice from American Vanguard Corporation
("AMVAC") to exercise warrants over 6,155,000 common shares of
$0.001 each in the Company ("Warrant Shares") at an exercise price
of 5p per Warrant Share, raising approximately GBP307,750.
Accordingly, the Company will issue 6,155,000 common shares to
AMVAC in settlement of this exercise. The warrants were granted to
AMVAC pursuant to a warrant agreement dated 2 April 2013, as
amended (the "Warrant Agreement").
The Company intends to apply for admission of the Warrant Shares
to trading on AIM ("Admission"). The Warrant Shares will rank pari
passu in all respects with the Company's existing common shares. It
is expected that Admission will become effective and that dealings
in the Warrant Shares will commence at or around 8.00 a.m. on 7
October 2014. Following Admission a total of 3,845,000 warrants
will remain outstanding pursuant to the terms of the Warrant
Agreement, exercisable until 31 May 2015.
Following Admission, the Company will have 262,323,068 common
shares of $0.001 each ("Common Shares") in issue, of which
1,084,413 will continue to be held in Treasury. Therefore, the
total number of voting rights in the Company will be 261,238,655.
The number of restricted Common Shares trading under TIDM 'TYR'
following Admission will be 167,421,592 and the number of
unrestricted Common Shares trading under TIDM 'TYRU' following
Admission will be 94,901,476. AMVAC will hold 21.3% of the total
voting rights in the Company.
Eric Wintemute, Chairman & Chief Executive Officer of
American Vanguard Corporation commented:
"This warrant exercise reflects American Vanguard's firm belief
in the continued growth and commercial success of TyraTech.
TyraTech's unique technological innovations drive the introduction
of safe and effective consumer products for pest control and human
health protection. The recent commercialisation of Vamousse(R) head
lice treatments in the United States and United Kingdom and the
introduction of Guardian(R), a highly-effective, non-DEET mosquito
repellent are prime examples of this technical leadership. Expected
strong future demand for these human health care products
reinforces the attractiveness of our ownership position in
TyraTech."
Alan Reade Non-Executive Chairman of TyraTech commented:
"American Vanguard is a highly valued shareholder and business
partner. As a shareholder they understand the value proposition
that the TyraTech technology platform offers and as a business
partner they assist the company in identifying, developing and
exploiting opportunities in crop protection and other professional
insect control markets via Envance Technologies LLC, our joint
venture with AMVAC. In addition to this TyraTech also benefits from
the experience and business knowledge Eric Wintermute brings to the
Board."
For further information please contact:
TyraTech Inc. Tel: +44 7841978709
Alan Reade, Non-Executive Chairman Tel: +1 919 415 4340
Bruno Jactel, Chief Executive Officer
SPARK Advisory Partners Limited, Nominated Adviser
Matt Davis / Mark Brady Tel: +44 203 368 3550
Allenby Capital Limited , Joint Broker
Chris Crawford
Tel: +44 20 3328 5656
Whitman Howard Limited, Joint Broker
Ranald Mc-Gregor Smith / Niall Devins
Tel: +44 20 7087 4555
Walbrook, Financial PR and IR
Bob Huxford /Guy McDougall Tel: +44 20 7933 8792
This information is provided by RNS
The company news service from the London Stock Exchange
END
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