By Devika Patel
Knoxville, Tenn., Nov. 15 - Futura Medical plc said it has agreed to a £2 million private funding facility. The placement will be conducted in two tranches.
In the first tranche, the company will sell 2,059,308 ordinary shares at 48.56p apiece for £1 million.
The company will raise another £1 million by selling ordinary shares at a 10% discount to the average mid-price of Futura's shares during the five trading days before issuing the second tranche of shares.
Proceeds will be used for development and general corporate purposes.
Futura is a Guildford, England-based pharmaceutical and medical device company.
| Issuer: | Futura Medical plc
|
| Issue: | Ordinary shares
|
| Amount: | £2 million
|
| Pricing date: | Nov. 15
|
| Stock symbol: | London: FUM
|
| Stock price: | 53.28p at close Nov. 14
|
|
|
| First tranche
|
| Amount: | £1 million
|
| Shares: | 2,059,308
|
| Price: | 48.56p
|
|
|
| Second tranche
|
| Amount: | £1 million
|
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