Faron issues new shares as bond repayment converts into equity

Faron Pharmaceuticals Limited (AIM:FARN) has issued just over 527,000 new shares after opting to settle part of its bond repayment in stock rather than cash. The Turku-based biotech, listed in London and Helsinki, said the conversion relates to its €15 million First Tranche Bonds, part of a wider financing deal agreed earlier this year with Heights Capital Management. The bonds, which run until 2028, allow for repayments to be made in shares through a so-called share settlement option.