Celadon Pharmaceuticals PLC Fundraise, CLN Issue, Joint Broker Appointed & TVR (9906P)
13 Octubre 2023 - 1:00AM
UK Regulatory
TIDMCEL
RNS Number : 9906P
Celadon Pharmaceuticals PLC
13 October 2023
Celadon Pharmaceuticals Plc
("Celadon" or the "Company" or the "Group")
Fundraise, Future Convertible Loan Note issue, Appointment of
Joint Broker and Total Voting Rights
London, 13 October 2023 - Celadon Pharmaceuticals Plc (AIM:
CEL), a UK-based pharmaceutical company focused on the development,
production and sale of breakthrough cannabis-based medicines, today
announces it has raised GBP1.0m (the "Fundraise") through a placing
and subscription of 800,000 new ordinary shares of 1 pence each in
the Company ("New Ordinary Shares"). The New Ordinary Shares will
be issued at 125 pence (the "Fundraise Price"), which represents a
discount of approximately 2 per cent to the previous day closing
share price of 128 pence per share on 12 October 2023, being the
last practicable date prior to the publication of this
announcement.
Application will be made for admission of the New Ordinary
Shares to trading on AIM ("Admission"). It is expected that
Admission will occur on or around 18 October 2023.
The net proceeds, via the Fundraise, will provide the Company
with additional working capital. The Directors can confirm that
having regard to the proceeds of the Fundraise and the credit
facility available to the Group, that the working capital available
to the Company will be sufficient for its present requirements,
that is for at least 12 months from the date of Admission.
The Company's pre-existing authority to allot ordinary shares,
granted at the 2023 AGM, is sufficient to allot the number of New
Ordinary Shares.
The Company is also pleased to announce the appointment of
Global Investment Strategy UK Limited as Joint Broker to the
Company. Canaccord Genuity Limited will remain as NOMAD and a
Broker to the Company.
Future Convertible Loan Notes
In addition to the Fundraise above and following investor
interest, the Company is seeking to raise further funding moving
forward through the issuance of Convertible Loan Notes ("CLN
Financing"). The Company has already received expressions of
interest from potential investors to subscribe for the CLN
Financing.
At this stage it is anticipated that the Convertible Loan Notes
will be issued at par with a 5 year term and will be unsecured. The
notes are expected to carry a coupon of 10 per cent. per annum and
to be convertible at the option of the investor after 2 years, or
to be mandatorily converted into ordinary shares of 1 pence each
("Ordinary Shares") on a qualifying financing to be determined or
change of control of the Company.
Proceeds raised from the CLN Financing will provide the Company
with additional working capital and to accelerate the expansion of
fitting out Phase 2 of its Midlands production facility. The
Company will update shareholders on the CLN Financing as and when
appropriate.
Total Voting Rights
On Admission the Company's issued share capital will consist of
62,469,773 Ordinary Shares, with one voting right each. The Company
does not hold any shares in treasury. Therefore the total number of
Ordinary Shares and voting rights in the Company will be
62,469,773. This figure may be used by shareholders in the Company
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 share capital of the Company under
the FCA's Disclosure and Transparency Rules.
James Short, CEO of Celadon, commented:
"After recently signing our first two contracts with UK
pharmaceutical companies for our EU-GMP pharmaceutical cannabis
products, and with a strong pipeline of enquiries about new
commercial contracts the Company has taken the opportunity to
secure GBP1.0m of additional working capital at an attractive issue
price compared to the current one.
Moving forward, the board will be seeking to secure further
funds through the CLN which will enable it to accelerate the build
out of Phase 2 of its UK based indoor hydroponic cultivation
facility and to provide more domestically grown <DELTA>-9
tetrahydrocannabinol (THC) product to UK patients.
"I am grateful for the support shown by our new and existing
shareholders as we pursue our primary mission of improving the
quality of life for patients most in need."
Enquiries:
Celadon Pharmaceuticals Plc
James Short Via Powerscourt
Arthur Wakeley
Jonathan Turner
Canaccord Genuity Limited (Nominated Adviser
and Broker)
Bobbie Hilliam / Andrew Potts / Patrick Dolaghan +44 (0)20 7523 8000
Global Investment Strategy UK Limited (Joint
Broker)
Callum Hill +44 (0)20 7048 9400
Powerscourt Group
Sarah MacLeod / Nick Johnson / Sam Austrums +44 (0)20 7250 1446
About Celadon Pharmaceuticals Plc
Celadon Pharmaceuticals Plc is a UK based pharmaceutical company
focused on the research, cultivation, manufacturing, and sale of
breakthrough cannabis-based medicines. Its primary focus is on
improving quality of life for chronic pain sufferers, as well as
exploring the potential of cannabis-based medicines for other
conditions such as autism. Its 100,000 sq. ft UK facility is EU-GMP
approved and comprises indoor hydroponic cultivation, proprietary
GMP extraction and manufacturing and an analytical and R&D
laboratory. Celadon's Home Office licence allows for the commercial
supply of its GMP pharmaceutical cannabis product. The Group owns
an approved clinical trial using cannabis based medicinal products
to treat chronic pain in the UK. Celadon also has a minority
interest in early-stage biopharma Kingdom Therapeutics which is
developing a licensed cannabinoid medicine to treat children with
Autism Spectrum Disorder.
For further information please visit our website
www.celadonpharma.co.uk
This announcement contains inside information for the purposes
of article 7 of the Market Abuse Regulation (EU) 596/2014 as
amended by regulation 11 of the Market Abuse (Amendment) (EU Exit)
Regulations 2019/310. With the publication of this announcement,
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