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ValiRx updates on second round of funding discussions

The company has provided some detail on a potential second financing round

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A follow-on convertible and warrant funding arrangement is in negotiation

ValiRx Plc (LON:VAL) updated on a potential second round of funding as it provided some minor and revised guidance on the first financing round.

Last month the drug developer said it had brokered a subscription agreement with European High Growth Opportunities SF for £1.278mln at 0.6p done in three equal £426,000 tranches. ValiRx said today that the shares related to the second payment instalment will be admitted for trading on May 23 rather than May 21.

A follow-on convertible and warrant funding arrangement with the same investor is in negotiation, though definitive documentation has yet to be inked and shareholder approval needs to be sought and given, it added.

However, the company pointed out that the first £500,000 tranche of the planned second funding round has what is called a ‘make whole amount’ that ensures the subscription price can be reduced if ValiRx’s share price falls. For more information on how this calculated, click here.

There is also a £150,000 break fee plus and an additional amount in the event the share price falls.

“The company advises that it is commencing discussions with the Investor to amend the basis that is used to calculate the quantum of the break fee,” ValiRx said.

“The company does not expect the outcome of these discussions on the quantum of the Break Fee to have an adverse impact on the company.”

Quick facts: ValiRx PLC

Price: 0.1467 GBX

Market: AIM
Market Cap: £1.5 m

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