Advanced Oncotherapy PLC’s (LON:AVO) new lender, Bracknor Investment Group, has told the company it will convert another portion of the first tranche of convertible loan notes.
The notes were issued to Dubai-based Bracknor as part of the financing deal announced back in February.
Bracknor will convert ten notes, worth £100,000, into AVO shares at 27.89p each – a slight discount to yesterday’s closing price.
To satisfy the conversion, AVO is issuing 358,500 shares as well as a further 10,756 to cover the fees.
The shares are expected to be admitted to trading on AIM on or around 12 April, AVO added.
Bracknor previously converted another ten loan notes, also worth £100,000, a month or so ago.
AVO drew down the first £1.3mln from the new financing facility at the end of February, shortly after the agreement was announced.
The initial agreement is for financing of up to £26mln over the next two years, although the firm said there was an option for this figure to be doubled in the future.
Shares in AVO closed at 33.9p on Thursday.