By Marisa Wong
Milwaukee, Dec. 1 - Futuragene plc has raised £3 million through a placement of units, according to a news release.
The placement consists of two tranches of 3 million units each. The first tranche consists of units of one new share at 50p per share and one warrant to subscribe for one ordinary share at 50p. The second tranche consists of units of one new share at 50p and one conditional warrant to subscribe for one ordinary share at 50p. The warrants in the second tranche are conditional on shareholder approval.
Warrants from both tranches are exercisable for two weeks from Nov. 30, 2010 to Dec. 14, 2010.
Net proceeds are estimated at £2.97 million. FuturaGene plans to use the proceeds to continue and accelerate its research and development activities on strategic crops including eucalyptus and poplar.
Hartford Growth (Trading) Fund Ltd., managed by Tiresias Capital Cayman Ltd., bought the first tranche.
FuturaGene is a London-based agricultural biotechnology company.
| Issuer: | Futuragene plc
|
| Issue: | Units of one ordinary share and one warrant
|
| Amount: | £3 million
|
| Units: | 6 million
|
| Warrants: | One whole warrant per unit
|
| Warrant expiration: | Warrants exercisable Nov. 30, 2010; expire Dec. 14, 2010
|
| Warrant strike price: | 50p
|
| Pricing date: | Dec. 1
|
| Settlement date: | Dec. 1
|
| Stock symbol: | London: | FGN
|
| Stock price: | 58p at close Nov. 30
|
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