Oncimmune Holdings PLC (LON:ONC), has today announced that, following the announcement made on 26 September 2017 entitled “Proposed Placing to raise up to £5.3 million”, the Company has raised a total of approximately £5.0 million (before expenses) by means of a conditional placing with new and existing investors of 4,166,667 Placing Shares at a price of 120 pence per share. Of this Placing, 3,333,334 ordinary shares (the “General Placing Shares”) will admit on 3 October 2017 and a further 833,333 Ordinary Shares (“Delayed Completion Placing Shares”) will admit within 5 business days of receipt of confirmation from HMRC that the Delayed Completion Placing Shares are regarded as a qualifying holding for the purposes of Part 6 of the Income Tax Act 2007 (the “VCT Condition”).
Assuming admission of both the General Placing Shares and the Delayed Completion Placing Shares, the Placing Shares will represent approximately 7.55% of the Company’s enlarged issued ordinary share capital.
It is expected that the VCT Condition will be fulfilled by the end of October as the Company has applied for, but not yet received advanced assurance from HM Revenues & Customs. However, there is no guarantee that the VCT Condition will be fulfilled. In the event that it is not fulfilled by the 24 November 2017, the Delayed Completion Placing will terminate and proceeds of the Delayed Completion Placing Shares will not be received.
Zeus Capital acted as Nominated Adviser and Broker to the Company.
Share capital on completion of the Placing
Application will be made for the General Placing Shares to be admitted to trading on AIM (“Initial Admission”). It is expected that Initial Admission will occur on or around 3 October 2017.
Following Initial Admission, the Company’s enlarged issued share capital will comprise 54,382,738 Ordinary Shares of 1 pence each with voting rights in the Company. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in the interest in, the share capital of the Company under the FCA’s Disclosure and Transparency Rules.
Admission of the Delayed Completion Placing Shares is subject to satisfaction of the VCT Condition and will occur within 5 business days of satisfaction of the VCT Condition. An announcement will be made at that time confirming the timing of admission of the Delayed Completion Placing Shares.
Geoffrey-Hamilton Fairley, Oncimmune’s Chief Executive Officer said:
“This fundraise will allow us to continue to deliver on the growth strategy laid out at the time of our IPO involving generating revenue from multiple products, regions and partners and we have already made significant progress in delivering on this. We are confident that Oncimmune is well placed to create and deliver value from our core autoantibody platform in the medium and long term.”
