Published on 12/11/2009 in the Prospect News PIPE Daily.
New Issue: ValiRx secures £3 million through equity line of credit with Dutchess
By Devika Patel
Knoxville, Tenn., Dec. 11 - ValiRx plc said it arranged a £3 million equity line of credit with Dutchess Opportunity Fund, II, LP.
The company may draw up to £3 million over two years in tranches of up to £100,000. The ordinary shares will be sold at a 10% discount to the market price.
ValiRx is a London-based investment holding company.
| Issuer: | ValiRx plc
|
| Issue: | Equity line of credit
|
| Amount: | £3 million
|
| Tenor: | Two years
|
| Price: | 90% of average closing price over a 15-trading-day period
|
| Warrants: | No
|
| Investor: | Dutchess Opportunity Fund, II, LP
|
| Pricing date: | Dec. 11
|
| Stock symbol: | London: VAL
|
| Stock price: | 1.38p at close Dec. 11
|
| Market capitalization: | £2.11 million
|
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