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Confirmation of successful £15 million fundraise subject to shareholder approval

Confirmation of successful £15 million fundraise subject to shareholder approval

Quantum Pharma Plc (AIM: QP.) is pleased to announce that, following the announcement made earlier today entitled “Proposed Accelerated Bookbuild to raise up to £15 million”, the Company has raised a total of £15 million (before expenses) by means of an accelerated bookbuild with new and existing investors, of 44,117,647 Placing Shares at a price of 34 pence per share.

The Placing is subject to the passing of certain resolutions at the General Meeting. Shareholder approval in respect of the Placing will be sought at the General Meeting, which is being convened for 11:00am on 10 November 2016 at the offices of Muckle LLP, Time Central, 32 Gallowgate, Newcastle upon Tyne, NE1 4BF. Provided that the Placing Resolutions are passed and the Placing has otherwise become unconditional, completion of the Placing is expected to take place on 11 November 2016. A circular convening the requisite general meeting is expected to be posted to Shareholders shortly.

Key Highlights

  • Placing to raise £15 million through the issue of 44,117,647 Placing Shares
  • Placing Price of 34 pence per Placing Share
  • The Placing is with existing and new institutional investors and certain Directors
  • Zeus Capital and N+1 Singer acted as joint bookrunners in respect of the accelerated bookbuild

General Meeting

A Circular, extracts of which are set out below, and a notice of General Meeting will be posted to Shareholders shortly to explain the background to the Placing, to set out the reasons why the Board believes it to be in the best interests of the Company and its Shareholders and to seek Shareholder approval for the Resolutions at the General Meeting, which will be held at the offices of Muckle LLP, Time Central, 32 Gallowgate, Newcastle upon Tyne, NE1 4BF at 11.00 a.m. on 10 November 2016.

Additional information relating to the Placing is contained here: http://bit.ly/2e9vUZK

Chris Rigg, CEO and CFO, said:

“We are pleased to announce this successful placing to raise £15 million which demonstrates clear support in the Group shown by our major shareholders.

The proceeds of the placing will ensure we are in the best possible position to deliver future growth and opportunities across the Group, by placing us on a sound financial footing to drive forward a simplified business centring on maximising our core specials platform and increasing our focus on delivering our unlicensed to licensed programme.”

Posted by: Quantum Webmaster on 20th October 2016