Faron Pharmaceuticals Limited (AIM:FARN) has approved the issue of 3.6 million new shares at €0.4516 per share to settle a scheduled amortisation payment of €1.61 million its convertible bonds with US investment firm Heights Capital Management.
The payment covers €934,500 owed on its first tranche bonds and €679,000 on its second tranche, including accrued interest in both cases.
Settlement is due on 15 April, with the new shares expected to begin trading on AIM and Nasdaq First North on the same date.