OKYO Pharma Limited Closing of Global Private Placement (1256T)
16 March 2023 - 6:00PM
UK Regulatory
TIDMOKYO
RNS Number : 1256T
OKYO Pharma Limited
16 March 2023
THIS ANNOUNCEMENT SHALL NOT CONSTITUTE AN OFFER TO SELL OR A
SOLICITATION OF AN OFFER TO BUY, NOR SHALL THERE BE ANY SALE OF
THESE SECURITIES IN ANY STATE OR JURISDICTION IN WHICH SUCH AN
OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION
OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH STATE OR
JURISDICTION.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK
LAW PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS
(SI 2019/310) ("UK MAR").
OKYO Pharma Limited
("OKYO" or the "Company")
Closing of Global Private Placement
London, March 16, 2023 - OKYO Pharma Limited (Nasdaq: OKYO; LSE:
OKYO), an ophthalmology-focused bio-pharmaceutical company which is
developing OK-101 to treat dry eye disease ("DED") to address the
significant unmet need in this multi-billion-dollar market,
announces that its "reasonable best efforts" offering of its
American Depositary Shares ("ADSs") on the Nasdaq Capital Market
(the "U.S. Offering") and a subscription for new ordinary shares of
no par value (the "Ordinary Shares") (the "Subscription" and,
together with the U.S. Offering, the "Global Private Placement"),
closed after UK market hours in the United States yesterday.
OKYO has issued 3,503,665 new ADSs (representing 227,738,225 new
Ordinary Shares) ("New ADSs") to certain investors at a price of
U.S.$1.50 per New ADS ("U.S. Offering Price") raising gross
proceeds of approximately U.S.$5.3 million (before deducting
expenses). Each New ADS offered in the U.S. Offering represents 65
Ordinary Shares.
OKYO has also issued 8,673,658 new Ordinary Shares (the
"Subscription Shares") to investors (including Gabriele Cerrone) at
a price of U.S.$0.2 per new Subscription Share (equivalent to
U.S.$1.50 per New ADS) raising gross proceeds of approximately
U.S.$0.2 million (before deducting expenses).
Additional director and management participation was by way of
capitalisation of approximately US$0.1 million of deferred fees and
salaries at the U.S. Offering Price and resulted in the issue of an
additional 5,162,498 new Ordinary Shares.
No commissions are payable by the Company to any brokers or
third parties in connection with the Global Private Placement.
All New ADSs and Subscription Shares sold in the Global Private
Placement were offered by the Company utilising the full balance of
the Company's headroom to admit securities to listing on the
standard segment of the Official List of the UK Financial Conduct
Authority.
OKYO intends to use the net proceeds of the Global Private
Placement to advance OK-101 to fund the initial Phase 2 clinical
trial of OK-101 in DED patients, and for working capital and other
general corporate purposes.
For the purposes of UK MAR, the person who arranged the release
of this information is Gary S. Jacob, Chief Executive Officer of
OKYO.
Enquiries:
OKYO Pharma Gary S. Jacob, Chief Executive
Limited Officer +44 (0)20 7495 2379
Investor Relations Paul Spencer +44 (0)20 7495 2379
Robert Emmet, Optiva Securities
Broker Limited +44 (0)20 3981 4173
Notes for Editors:
About OKYO
OK-101 is a lipid conjugated chemerin peptide agonist of the
ChemR23 G-protein coupled receptor which is typically found on
immune cells of the eye responsible for the inflammatory response.
OK-101 has been shown to produce anti-inflammatory and neuropathic
pain-reducing activities in mouse models of DED and corneal
neuropathic pain, respectively, and is designed to combat washout
through the inclusion of the lipid 'anchor' contained in the drug
molecule to enhance the residence time of OK-101 within the ocular
environment.
About OKYO
OKYO Pharma Limited (LSE: OKYO; NASDAQ: OKYO) is a life sciences
company admitted to listing on NASDAQ and on the standard segment
of the Official List of the UK Financial Conduct Authority and to
trading on the main market for listed securities of London Stock
Exchange plc. OKYO is focusing on the discovery and development of
novel molecules to treat inflammatory dry eye diseases and chronic
pain. For further information, please visit www.okyopharma.com.
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END
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