Celadon Pharmaceuticals PLC Fundraise, Update on Future CLN Financing & TVR (5253W)
12 Diciembre 2023 - 8:00AM
UK Regulatory
TIDMCEL
RNS Number : 5253W
Celadon Pharmaceuticals PLC
12 December 2023
Celadon Pharmaceuticals Plc
("Celadon" or the "Company" or the "Group")
Fundraise, Update on Future Convertible Loan Note Financing and
Total Voting Rights
London, 12 December 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 that it has raised GBP2.0m (the "Fundraise") through a
placing and subscription of 1,739,130 new ordinary shares of 1
pence each in the Company ("New Ordinary Shares"). The New Ordinary
Shares will be issued at a price of 115 pence per share (the
"Fundraise Price"), which represents a premium of approximately 5.5
per cent to the previous day closing share price of 109 pence per
share on 11 December 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 December 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, 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 New Ordinary
Shares.
Global Investment Strategy UK Limited assisted in the
placing.
Update on Convertible Loan Note Financing
As previously announced on 13 October 2023, the Company is
seeking to raise further funding through the issuance of
Convertible Loan Notes ("CLN Financing"). Funds raised from the CLN
Financing will be in addition to the net proceeds received by the
Company from the Fundraise as set out above. Subsequent to the
expressions of interest received from potential investors at the
time of CLN Financing announcement, additional potential investors
have expressed an interest in subscribing for the Convertible Loan
Notes and the directors are pleased with progress to date.
The anticipated terms for the Convertible Loan Notes remain that
they 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.
Total Voting Rights
On Admission the Company's issued share capital will consist of
64,208,903 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
64,208,903. 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:
"Following the signing of our first three supply contracts this
year, and the imminent delivery of the first shipments to our UK
customers, we have taken the opportunity to secure GBP2.0m of
additional working capital at an attractive issue price compared to
the current one. The Company is now well funded to deliver on its
current commitments.
"Investor interest in the CLN is encouraging. We look forward to
securing further funds to accelerate the fit out of Phase 2 of the
Group's UK based indoor hydroponic cultivation facility, and the
delivery of our product to our current and future customers.
"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
Jonathan Turner
Canaccord Genuity Limited (Nominated Adviser
and Broker)
Bobbie Hilliam / Andrew Potts +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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