Provexis Raises GBP88,869 In Draw Down Of Funds, Equity Issue

22nd Jun 2010 07:33

LONDON (Dow Jones)--Provexis PLC (PXS.LN), which focuses on the discovery, development and licensing of scientifically-proven functional food, medical food and dietary supplement technologies, said Tuesday it has raised net proceeds of GBP88,869 by drawing down on its Equity Financing Facility with Evolution Securities Limited. MAIN FACTS: -The EFF agreement was arranged by Darwin Strategic Limited and was announced by Provexis on March 31. -This draw down of funds is the first under the EFF agreement. -Under the terms of the EFF agreement the Company has allotted, conditional on admission to trading on AIM, 2,135,000 new ordinary shares of 0.1 pence each to ESL. -The draw down is the first undertaken by the Company since the announcement of the EFF and represents a premium of 2.8% to the closing middle market price of the Company on June 21. -The net proceeds raised by the draw down were linked to the floor price set by the Directors at the time of draw down. -It is expected that the admission will become effective and that trading in the New Provexis Shares will commence on June 28. -Shares closed Monday at 4.05 pence. -By Iain Packham, Dow Jones Newswires; 44-20-7842-9269; [email protected] (END) Dow Jones Newswires June 22, 2010 02:33 ET (06:33 GMT)