LONDON (Thomson Financial) - Biocare Solutions PLC said it has issued
653,000 stg of loan notes for cash at par to RAB Special Situations (Master)
Fund Ltd, a fund managed by RAB Capital PLC and a substantial shareholder.
Biocare said the deal, part of a refinancing and extension of its existing
loan notes issued to RAB, was "critical to the future of the company", adding
that, without it, it is unlikely Biocare would have sufficient working capital
over the coming months, unless alternative arrangements were available.
The company said it does not believe that such alternative arrangements
could be found in the time available, and the subscription by RAB is the most
efficient and certain route to raising short-term working capital.
The nutrition and biological science company said it continues its efforts
to seek additional funds and is reviewing a combination of equity- and
debt-raising solutions to secure its long-term future.
In addition, the company said former managing director Tony Higson has
resigned as a director of the company for family reasons.
TFN.newsdesk@thomson.com
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