RUA Life Sciences PLC - Glasgow-based medical technology holding company - Intends to conduct placing of a minimum of 36.4 million new shares at a price of 11 pence each to raise a minimum of £4.0 million. Also plans a further £80,00 raise via subscription of 727,272 new shares at the issue price from certain directors. Also plans a separate retail offer of up to 6.8 million shares at the issue price to raise a further £750,000. Expects to used net proceeds to strengthen its balance sheet to aid the commercialisation phase of its research & development projects within its vascular graft and HV leaflet composite; to accelerate growth within contract manufacturing; and to enable the company to demonstrate value across the portfolio. Says completion of the fundraising is conditional on shareholder approval at a general meeting on December 18.

Current stock price: 20.00 pence, up 2.6%

12-month change: down 40%

Copyright 2023 Alliance News Ltd. All Rights Reserved.