10/11/2008
As announced by ReGen Therapeutics Plc (“ReGen” or the “Company”), (AIM: RGT) on 26 March 2008, ReGen has entered into a £2,000,000 equity credit facility agreement with Duke Holdings Corporation Limited (“Duke”) to provide a drawdown of monies in exchange for ordinary shares in the Company (the “Facility”).
In accordance with the terms of the Facility and pursuant to a drawdown notice from the Company issued on 9 October 2008, Duke has now subscribed for 305,252 new ordinary shares of 0.01p each at 6p per share. This will provide the Company with £18,315, before expenses to provide working capital for the Company.
The 305,252 new ordinary shares, which will represent 2.15 per cent of the enlarged issued share capital of the Company (14,207,050 ordinary shares), will rank pari passu in all respects with the existing ordinary shares in the Company.
Application has been made to the London Stock Exchange for the new ordinary shares to be admitted to trading on AIM and dealings in the new ordinary shares are expected to commence on 13 November 2008.
Percy Lomax, Chairman and Chief Executive commented:
‘ReGen is pleased to see that its prudence in taking out equity drawdown facilities has enabled it to access cash in these difficult markets. The Company continues to take all possible steps to conserve cash and is exploring all opportunities to develop its revenue streams as quickly as possible.
For further information, please contact:
Percy Lomax
ReGen Therapeutics Plc
Tel: 020 7153 4920
Roland Cornish/Felicity Geidt
Beaumont Cornish Limited
Tel No 020 7628 3396
David Scott/Nick Bealer
Alexander David Securities Limited
Tel: 020 7448 9820