Date: 2016-01-13
Type of information: Private placement
Company: Tiziana Life Sciences (UK)
Investors:
Amount: £709,406 (US$1,021,523 - €944883)
Funding type: private placement
Planned used: Funds raised by the issue of the CLNs will be used to fund the development of the Company\'s clinical stage assets milciclib and foralumab, to meet the Company\'s ongoing liabilities in respect of licence agreements, and for general working capital purposes.
Others: * On January 13, 2016, Tiziana Life Sciences, a clinical stage biotechnology company focused on targeted drugs to treat diseases in oncology and immunology, announced that it has raised £709,406 (US$1,021,523) through the issue of 472,938 unsecured convertible loan notes (\"CLNs\") to certain existing investors. Funds have been raised on the same terms as the fundraising announced on 8th December 2015.
The CLNs are redeemable by the Noteholders at any time after 31 December 2016 and will be redeemed, at the election of the Company, in cash or by conversion into new ordinary shares in the Company at a conversion price of £1.50 per share. Interest shall accrue quarterly on the CLNs at a rate of six per cent. per annum. The CLNs contain anti-dilution provisions which adjust the conversion price that the CLNs convert into ordinary shares in the event of a fund raising by the Company at a price below £1.50 within 18 months of the date of issue of the CLNs.
By way of an arrangement fee for the Noteholders agreeing to subscribe for the CLNs, the Company has granted to the Noteholders warrants to subscribe for up to 189,176 new ordinary shares in the Company (\"CLN Warrants\") at an exercise price of £2.50 per share. The CLN warrants shall be exercisable during the period from and including 31 December 2016 to 31 December 2020.
Therapeutic area: Autoimmune diseases - Cancer - Oncology
