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.
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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.