RNS Number : 7987B
  Bluewater Bio International
  21 August 2008
   

    Bluewater Bio International
    ("Bluewater" or the "Company")

    Result of EGM


    Bluewater announced on 29 July 2008 it had conditionally raised a total of �2,000,000 (before expenses) by way of a placing of new
Ordinary Shares of 0.5p each ("Ordinary Shares") with Lehman Brothers International (Europe) (the "Investor").

    The first tranche of 7,200,000 Ordinary Shares were placed on 29 July raising �324,000. The placing of a second and final tranche of
Ordinary Shares was conditional on obtaining shareholder approval to increase the Company's authority to issue new Ordinary Shares.

    The board of Bluewater is pleased to announce that all resolutions relating to such authority were passed at the Extraordinary General
Meeting (the "EGM") of the Company held earlier today. As a result, the board of Bluewater has agreed to place 24,647,058 new Ordinary
Shares (the "Second Tranche Shares") at 6.8p per share, being the average closing mid-market price quoted for an Ordinary Share over the
five days immediately preceding the EGM, raising an additional �1,676,000 before expenses.

    Application has been made for the admission of the Second Tranche Shares to trading on AIM and it is expected that dealings will
commence on 28 August 2008. The Second Tranche Shares will rank pari passu in all respects with the existing Ordinary Shares in issue.

    Following the issue of the Second Tranche Shares, the Company's issued share capital will consist of 247,130,496 Ordinary Shares, with
voting rights. The Company does not hold any shares in Treasury.


    Enquiries:

 Bluewater Bio International                  Tel: +44 (0) 20 7907 9820
 Daniel Ishag, CEO
  
 Citigate Dewe Rogerson (PR Advisor)          Tel: +44 (0) 20 7638 9571
 Tom Baldock/Lindsay Noton
  
 Strand Partners Limited (Nominated Adviser)  Tel: +44 (0) 20 7409 3494
 James Harris/Angela Peace
  

    
    

This information is provided by RNS
The company news service from the London Stock Exchange
 
  END 
 
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