NextGen raises £0.75m through share placing to majority shareholder
Biotech NextGen Group plc said it has raised £750,000 by way of a placing of new ordinary shares with existing shareholder Luxembourg-based Family Trust Select - Teilfonds Zeus.
After the placing, Family Trust Select will hold 66.5% of issued share capital.
This funding will provide general working capital for the Company, which the Directors said they believe will be sufficient for current requirements.
In addition, for every share placed, NextGen will grant a warrant over 1 ordinary share with an exercise price of 0.1 pence per share. Accordingly, warrants over 750,000,000 Ordinary Shares will be granted, which will be exercisable for 3 years from the date of grant.
If Family Trust Select was to immediately exercise all the warrants it holds after the Placing, it would hold 76.6% of NextGen.
The Cambridge-based company's market capitalisation is now around £2.16m.
