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ValiRx in talks to terminate subscription agreement and enter into a new convertible bond facility

The firm said its working capital position is dependent on new funds being made available to it and anticipates that the investor will provide it with additional funds under the new facility
Funding sign
ValiRx said the terms of the anticipated new facility are still subject to agreement and the it expects to notify details in due course

ValiRx Plc (LON:VAL) said it is now in advanced discussions with European High Growth Opportunities SF to terminate the entire subscription agreement that was announced on 26 April 2019, following a delay to the issue of the Tranche 2 shares, and enter into a new convertible bond facility with the investor. 

The group said the terms of the anticipated new facility are still subject to agreement and it expects to notify details in due course.

READ: ValiRx updates on second round of funding discussions

ValiRx said its working capital position is dependent on new funds being made available to it and anticipates that the investor will provide it with additional funds under the new facility as soon as the definitive legal documentation is entered into.

In the event that discussions with the investor terminate, however, the company said it will need to seek other sources of finance to meet its short term working capital requirements.

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ValiRx PLC Timeline

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May 02 2019

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