1
July 2024
Argent BioPharma
Ltd.
(Argent BioPharma or the Company)
Placing to Raise
US$500,000
Argent BioPharma, an innovative
multidisciplinary drug discovery company within the
biopharmaceutical sector, is pleased to announce it has received
firm commitments from a professional investor to raise US$500,000
(Placement) through the
issue of 625,000 fully paid ordinary shares at US$0.80 (~A$1.20)
per share (Placement
Shares). The placement participant, an unrelated party to
the Company, will also be issued one (1) free attaching warrant for
every two (2) Placement Shares subscribed for (Warrants). The Warrants will be
exercisable at US$1.20 (~A$1.80) each, expiring 3 years from the
issue date.
Proceeds from the Placement will be
used to continue the Company's drug development pipeline, including
CannEpil® and CimetrA®.
The Placement Shares and Warrants
are to be issued under the Company's existing Placement capacity in
accordance with ASX listing Rule 7.1 and 7.1A as followed: LR7.1 -
312,500 Warrants, LR7.1A - 625,000 Placement Shares.
The issue price of US$0.80 (~A$1.20)
per Placement share under the Placement represents approximately a
400% premium to the 15-day VWAP of A$0.30 prior to the stock being
placed in a Trading Halt on 28 June 2024.
Argent BioPharma's Chief Executive Officer and Managing
Director, Roby Zomer, commented: "We are delighted by the
strong support from our newest investor, as reflected in the
substantial premium to the current trading price. This raise will
allow the Company to continue the development of our key drug
candidates, CannEpil® and CimetrA®. Our new investor's confidence
underscores our pipeline's potential and our commitment to
advancing innovative treatments for unmet medical needs, in the
biopharmaceutical space."
Total voting rights
On issue of the Fundraising Shares,
the Company will have 45,905,202
Ordinary Shares in issue, each with one voting
right. Therefore, the Company's total number of Ordinary Shares in
issue and voting rights will be 45,905,202 and this figure may be used
by shareholders from issue of the Placing Shares
as the denominator for the calculations by which they will
determine if they are required to notify their interest in, or a
change to their interest in, the Company under the
FCA's
Disclosure Guidance and Transparency
Rules.
-Ends-
Authorised for release by the board of directors, for further
information please contact:
About Argent
BioPharma
Argent BioPharma Limited (the
"Company") (ASX: RGT; LSE: RGT; OTCQB: RGTLF) is a Clinical-Stage,
Revenue Generating Biopharmaceutical Company committed to providing
accessible medical treatments for unmet medical needs, to bridge
the gap where medical solutions currently fall short. The
Group focuses on the Multidisciplinary method with Nanotechnology,
developing multi-target therapies for comprehensive disease
management, especially concerning the Central nervous system
("CNS") and Immunology treatments.
Follow us through our social media
channels:
LinkedIn: Argent
BioPharma
Twitter: @ArgentBioPharma
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BioPharma