Widecells Group PLC (LON:WDC) said on Wednesday that it had issued a further drawdown notice for up to around £1.36mln under a financing agreement with the European High Growth Opportunities Securitisation Fund.
The AIM-listed stem cells group said the funds will be paid in three tranches, in return for which will it issue bonds which can be converted into shares.
Moreover, Widecells added, it also received a notice from the European High Growth Opportunities Securitisation Fund of the exercise of conversion rights for bonds totalling £60,000 as well as a £90,000 penalty payment.
The company said it will, therefore, issue 60.0mln new shares to the fund, taking its total share capital to 211.4mln.
The funds draw-down comes as a change in direction looks on the cards for Widecells with the appointment last week of David Sefton as its executive chairman.