Advanced Oncotherapy raises another £1.47m as it advances 'LIGHT' system

19th Aug 2022 11:48

(Sharecast News) - Proton therapy developer Advanced Oncotherapy announced it was raising £1.47m through a direct subscription on Friday, to fund its corporate activities as it moves its 'LIGHT' system towards full operation.

The AIM-traded company said the fundraise was conducted through a direct subscription for 5,860,000 new shares at a price of 25p each, undertaken to accommodate demand from investors who were unable to participate in fundraises announced on 28 June and 3 August.

That issue price represented a premium of 20% to the closing middle market price of its shares on 18 August.

"The net proceeds of the subscription will be used for general corporate purposes as the company progresses towards having a fully-operational LIGHT system operating at 230 MeV by the end of summer 2022," the board said in its statement.

Under the terms of the subscription, warrants to subscribe for 5,860,000 new shares would also be issued around 25 August to subscribers, with an exercise price of 25p each, exercisable up until 1 July 2026.

At 1120 BST, shares in Advanced Oncotherapy were up 5.49% at 21.89p.

Reporting by Josh White at Sharecast.com.