Concepta advance growth plans with £1.9m fundraise
has announced it has conditionally raised gross proceeds of £1.9 million (before expenses) via a Placing and Subscription and issue of Convertible Loan Notes from existing and new shareholders at 0.8p.
The condition placing will see 112, 187,500 new shares placed with new and existing shareholders and the conditional subscription will place 112,187,500 with long term supporter Mercia Asset Management in addition to certain Directors. Merica have also committed £101,000 via a convertible loan note.
Proceeds from the Placing
The proceed of the fundraise will be used to increase sales and marketing efforts with key hires, additional working capital for manufacturing and further develop Concepta portfolio in the field of fertility.
Shareholder Meeting
The Fundraise will be subject to Concepta's shareholders approving resolutions to increase the Directors' authority to allot the Placing Shares, the Subscription Shares and the new Ordinary Shares that would be required to be allotted and issued upon the exercise in full of the Convertible Loan Notes; as well as Ordinary Shares up to the aggregate nominal value of £88,315.
Furthermore, the Company proposes the sub-division of each Existing Ordinary Shares of 2.5p be sub-divided into one Ordinary Share of 0.1p and one Deferred Share of 2.4p.
Shares in Concepta opened 7% down at 1p
Commenting on outlook and focus, Penny McCormick, Chief Executive Officer, commented:
"We are very grateful for the continuing support from our existing shareholders and welcome new investors who have participated in the Placing and Subscription, in particular the support shown by our largest shareholder Mercia.
"This fundraise provides us with a solid platform from which to drive the commercial success of our flagship self-test fertility test myLotus®. I remain confident that we have a business with substantial upside opportunity and these funds will allow us to deliver upon its potential."
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