Shield Therapeutics PLC (AIM:STX, OTCQX:SHIEF) said it has raised US$18.5mln in an oversubscribed placing and subscription, conditional on shareholder approval, with a total of over 251mln new ordinary shares issued at a price of 6p per share.
The company said 182mln new ordinary shares were conditionally placed by Peel Hunt and finnCap with new and existing investors at the issue price.
Additionally, under the share subscription, AOP Health Management, a major shareholder, alongside directors of the company and certain employees, conditionally subscribed to 68mln new ordinary shares.
The group also said an open offer will be made to qualifying shareholders to raise an additional £3.9mln.
Shield said the new shares represent 97.7% of the existing issued share capital of the company and were issued at an 11.1% discount to the company's closing share price as of 12 December. A further 64.3mln new ordinary shares may be issued under the open offer, the pharmaceutical company added.
The fundraising is still conditional on a resolution passing at the company's general meeting, with the group expecting the placing and subscription to be completed on 6 January.