AorTech International plc – Conditional Placing & Fund Raising

AorTech International plc – Conditional Placing & Fund Raising

AorTech International plc (AIM: AOR), the biomaterials and medical device IP company, announces a conditional placing, subscription and open offer.

 Transaction Highlights

  •  Conditional Placing and conditional Subscription to raise, in aggregate, approximately £2.1 million through the issue of a total of 7,000,271 New Ordinary Shares to new and existing investors at 30 pence per share
  • New Ordinary Shares to be issued at 30 pence per New Ordinary Share which represents a discount of approximately 32 per cent. to the Company’s Closing Price of 44 pence on 18 May 2018
  • Proposal to raise a further £0.5 million by way of a conditional Open Offer subject to Shareholder approval

The above transaction highlights and the summary announcement below should be read in conjunction with the full appendix at the bottom of this announcement.

This announcement contains inside information and is disclosed in accordance with the Company’s obligations under the Market Abuse Regulation (EU) No 596/2014.

AorTech International plc (AIM: AOR), the biomaterials and medical device IP company, announces that it has raised, in aggregate, approximately £2.1 million, before expenses, by way of a conditional placing of 5,740,267 new Ordinary Shares (the “Placing Shares”) and a conditional subscription of 1,260,004 new Ordinary Shares at the Issue Price. The issue of both the Placing Shares and the Subscription Shares is subject to, inter alia, the passing of the Resolutions at a general meeting.

The Company also announces that it proposes to raise a further £0.5 million by way of a conditional Open Offer to Qualifying Shareholders, subject to Shareholder approval.

The Issue Price represents a discount of approximately 32 per cent. to the Closing Price of 44 pence on 18 May 2018, the last trading day prior to the date of this announcement.

The net proceeds of the Placing and the Subscription, along with those funds raised pursuant to the Open Offer, will be used over a two year period to fund the development of textile substrate products (patches and grafts); stage one of heart valve development; investment in capital equipment for heart valve manufacturing and testing and for general working capital purposes.

Application will be made to the London Stock Exchange for the admission of the New Ordinary Shares to trading on AIM. It is expected that Admission will occur and that dealings will commence at 8.00 a.m. on 11 June 2018 at which time it is also expected that the New Ordinary Shares will be enabled for settlement in CREST.

Bill Brown, Chairman of AorTech, commented: “I am pleased to announce a successful fundraising and wish to thank the investors, new and existing, for their support. We now look forward to working with our new colleagues and partners to execute our exciting business plan.”

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