Proposed offering of shares by Linnaeus set at 52.6% premium to VWAP
By Susanna Moon
Chicago, Oct. 5 - AquaBounty Technologies, Inc. said it plans to raise £3.18 million by means of a subscription of new common shares by Linnaeus Capital Partners BV.
The placement is conditional on shareholder approval to issue the subscription shares and to waive the requirement for Linnaeus to make a mandatory offer for the common shares not otherwise owned by it.
The company plans to sell 17,666,666 shares by Linnaeus at 18p per share. The subscription price represents a 52.6% premium to the volume-weighted average share price for the 90 days ending on the last business day prior to the announcement, according to a company press release.
As of Oct. 5, Linnaeus owns 15,107,740 common shares, representing 29.95% of the existing common shares. Following completion of the subscription, Linnaeus will hold 32,774,406 common shares, or 48.12% of the enlarged issued share capital.
Following a strategic review in early 2008, AquaBounty has been focused on the development and expected commercialization of AquAdvantage Salmon. The company said it is continuing with this strategy, although it expects that work on the next generation of products will be increased. Proceeds of the fundraising will be used to maintain the present course.
AquaBounty Technologies is a biotechnology company Waltham, Mass.
| Issuer: | AquaBounty Technologies, Inc.
|
| Issue: | Common shares
|
| Amount: | £3.18 million
|
| Shares: | 17,666,666
|
| Price: | 18p
|
| Warrants: | No
|
| Investor: | Linnaeus Capital Partners BV
|
| Pricing date: | Oct. 5
|
| Stock symbol: | London: ABTX
|
| Stock price: | 19.45p at close Oct. 4
|
| Market capitalization: | £10.01 million
|
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