Advanced Oncotherapy plc (LON:AVO), the developer of next generation proton therapy systems for cancer treatment, has told DirectorsTalk this morning that further to the financing agreement with Bracknor announced on 22 February 2017, the first tranche has been drawn down by the Company and the initial funds of GBP1.3 million received (less 5%, in accordance with terms for receipt of 95% of nominal value of each tranche). Bracknor is prohibited from short selling ahead of any conversion notice, being the notice given to the Company that Bracknor wishes to convert the loan notes into AVO shares.
The Company will make the requisite announcements in relation to the application for admission of the new Ordinary Shares deriving from the conversion of the loan notes and the issue of warrants and will also publish on its website (at http://www.advancedoncotherapy.com/Investors ) a table with the number of outstanding convertible loan notes from time to time, the number of outstanding warrants and the warrant exercise prices.
The Company also announces that following the successful grant of planning permission for the Harley Street site in October 2016, a tender process took place to appoint a principal contractor to undertake the building works for the site.
As a result of that tender process, Deconstruct (UK) Limited were appointed by Howard de Walden Estates as principal contractor to the project and were on site in January carrying out preliminary assessment and works.
Following the preparatory works, excavation is due to commence by the end of Q1 2017. A detailed roadmap of key milestones for the manufacture and commercialisation of Advanced Oncotherapy’s LIGHT system, including installation at the Harley Street site, will be provided at the investor presentations being held in London on Monday 6 March 2017 and in Zürich, Switzerland, on Tuesday 7 March 2017
