Allied Minds syndicates $10.28m of STT bridge facility
Source - SMW
Allied Minds has syndicated $10.28m of the $22.8m convertible bridge facility commitment it put in place for Spin Transfer Technologies in October.
It said existing STT shareholders Invesco Asset Management and Woodford Investment Management would subscribe $10.28m for convertible equity securities in STT, and Allied Minds' commitment to the convertible bridge facility will be reduced by a corresponding amount to $12.52 million.
The facility is designed to bridge STT to the completion of a planned Series B funding round targeting strategic investors.
At 9:38am: (LON:ALM) Allied Minds PLC share price was +0.8p at 163.4p