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OKYO Pharma raises £500,000 through loan notes issue to private investor

The biotech firm said it intends to use the proceeds to further the development of its clinical pipeline and well as for working capital purposes

Okyo Pharma Limited - OKYO Pharma issues loan notes to raise additional funds

OKYO Pharma Limited (LON:OKYO) said it has raised a further £500,000 through the issue of convertible loan notes (CLNs) to a single private investor.

The biotechnology group said the CLNs carry an interest rate of 2.15% compounding and have a maximum term of four years, they also convert into ordinary shares at a price of 8.5p per share.

READ: OKYO Pharma lands world renowned scientist Dr Napoleone Ferrara, the inventor of blockbusters Avastin and Lucentis

OKYO said it intends to use the proceeds from the CLN issue to further the development of its clinical pipeline as well as for working capital purposes.

Shares in the company rose 1.2% to 12.7p in early deals on Tuesday.

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Price: 7.25 GBX

LSE:OKYO
Market: LSE
Market Cap: £48.76 m
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