Genflow raises £440,000 in alternative share deal

Genflow Biosciences PLC (LSE:GENF, OTCQB:GENFF) has dropped a previously announced funding deal and instead raised £440,000 by issuing 40 million new shares to its chief executive, Eric Leire, at 1.1p each. The company said the new arrangement is “more favourable and less dilutive” for shareholders than the earlier plan. Most of the new shares, around 35 million, will be passed to a group of existing investors, while all participants will receive matching warrants, allowing them to buy more shares at 1.2p within two years.