Date: 2011-07-27
Type of information: Private placement
Company: ChronTech Pharma (Sweden)
Investors: Sunninghill Investments Ltd - Dr. Simon Kukes - Dr. Prem Lachman - the Chairman of the Board, Mr Thomas Lynch
Amount: 25 million SEK (€2.7 million)
Funding type: private placement
Planned used:
Others: ChronTech Pharma AB has raised 25 million SEK (4 million USD) in a private placement of 80 million shares at the subscription price of (rounded) 0.31 SEK per share. The private placement has been subscribed by a group of investors, which include, Sunninghill Investments Ltd, Dr. Simon Kukes, Dr. Prem Lachman, and the Chairman of the Board, Mr Thomas Lynch. Thomas Lynch\'s participation is subject to approval by a shareholders\' meeting. The private placement of 80 million shares increases the number of outstanding shares from 82,219,930 to 162,219,930 and the share capital from SEK 2,466,597.90 to 4,866,597.90.
In addition to the private placement, ChronTech Pharma will carry out two rights issues of in total approximately 63 million shares. The first rights issue will include 22 million shares at the subscription price 0.20 SEK. The second rights issue will include approximately 41 million shares at the subscription price 0.31 SEK. The 80 million shares that are issued in the private placement will not carry right to participate in the two rights issues. ChronTech Pharma\'s Board of directors will also ask the EGM for an authorization to issue up to 10 million shares at the subscription price of 0.31 SEK and without preferential rights for the shareholders. The purpose with the authorization is to enable ChronTech Pharma to convert a bridge financing loan of $500,000 to new shares.
Therapeutic area: Technology - Services - Infectious diseases
