InnovaDerma PLC Allotment of Shares (1789U)
October 20 2017 - 2:53AM
UK Regulatory
TIDMIDP
RNS Number : 1789U
InnovaDerma PLC
20 October 2017
LEI: 213800WRAP6W8VDL6B38
InnovaDerma PLC
("InnovaDerma" or the "Company")
Allotment of Shares
InnovaDerma (LSE: IDP), a UK developer of life sciences, beauty
and personal care products, announces that it has resolved to allot
53,562 ordinary shares of EUR0.10 each (the "Ordinary Shares") to
Biorenew Labs Inc ("BL"), subject only to Admission.
The Ordinary Shares are to be issued as settlement of fees due
under a Product Commercialization Agreement between InnovaDerma,
Innova Science Inc (a wholly owned subsidiary of InnovaDerma) and
BL. Pursuant to the original Agreement of 2015, BL have assisted
Innova Science Inc with the purchase of the Company's new hair loss
helmet, associated IP and FDA registrations, branded as
HeadMaster(TM) .
The Ordinary Shares will be allotted at an average price of
US$4.2007 per share (equivalent to 337.64 pence per share, being
the average exchange rate for the 5 days prior to the 19 September
and 303.68 pence being the average exchange rate for the 5 days
prior to the 17(th) October 20017 as under the Agreement).
25% of the Ordinary Shares will be subject to a lock in for a
period of 90 days from the date of issue and a further 25% of the
Ordinary shares will be subject to a lock in for a period of 180
days from the date of issue.
Application will be made for the Ordinary Shares to be admitted
to listing on the standard listing segment of the Official List of
the Financial Conduct Authority (the "FCA") and to be admitted to
trading on the main market for listed securities of London Stock
Exchange plc, (together "Admission"). Allotment of the Ordinary
Shares and Admission is expected to take place on 26 October
2017.
Following Admission, the Company will have a total of 14,319,133
Ordinary Shares in issue. With effect from Admission, this figure
may be used by shareholders as the denominator for the calculations
by which they will determine if they are required to notify their
interest in, or a change to their interest in the Company, under
the Disclosure Guidance and Transparency Rules of the FCA.
Further Enquiries
Innovaderma +61 (0)3 9111
Haris Chaudhry/Joe Bayer 0071
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finnCap Ltd +44 (0) 20 7220
Geoff Nash/Giles Rolls/Kate Bannatyne 0500
Alice Lane - Corporate Broking www.finncap.com
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Cardew Group
Shan Shan Willenbrock
David Roach + 44 (0)20 7930
Joe McGregor 0777
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About InnovaDerma
InnovaDerma PLC (LSE: IDP) specializes in the research,
manufacture and marketing of clinically proven products in life
sciences, beauty and personal care products. InnovaDerma has
presence in Europe, US, Australasia, Asia and Africa.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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