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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| TruSpine Technologies Plc | AQSE:TSP | Aquis Stock Exchange | Ordinary Share | GB00BMZCKL55 | Ordinary shares |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.60 | 0.40 | 1.90 | 1.70 | 1.15 | 1.60 | 0.00 | 15:28:57 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Jan 2022 to Jan 2025
TIDMTSP
RNS Number : 4251N
TruSpine Technologies PLC
31 May 2022
31 May 2022
TruSpine Technologies plc
("TruSpine" or the "Company")
Fundraise, Issue of Warrants & Appointment of Broker and Financial Adviser
TruSpine Technologies plc, (AQSE: TSP) the medical device company focused on the development of its pioneering "screwless" spinal (vertebral) stabilisation systems announces that it has:-
- raised in aggregate GBP 700,000 as part of a fundraise through the issue of 14,000,000 new ordinary shares at a price of 5 pence per share. Oberon Capital and Peterhouse Capital acted as joint brokers to the Fundraise;
- the settlement of GBP77,500 of third-party creditors through the issue of 1,550,000 new ordinary shares at a price of 5 pence per share ("Settlement Shares");
- issued 15,550,000 warrants over new ordinary shares in the Company exercisable at a price of 7.5 pence per share to participants in the placing, subscription and in relation to Settlement Shares;
- agreed the conversion of GBP97,200 accrued director fees into 648,000 new ordinary shares at a price of 15 pence per share; and
- appointed Peterhouse Capital Limited ("Peterhouse") as joint broker and Financial Adviser to the Company.
Fundraise & Issue of Warrants
The fundraise comprises a placing and subscription at a price of 5 pence per ordinary shares ("Fundraise").
- 10,800,000 new ordinary shares will be issued by way of a placing, raising gross proceeds of GBP540,000 (the "Placing") and
- 3,200,000 new ordinary shares will be issued by way of a subscription, raising gross proceeds of GBP160,000 (the "Subscription").
An additional 1,550,000 shares will be issued at a price of 5 pence per ordinary share to third-party creditors of GBP77,500 in lieu of services rendered ("Settlement Shares").
Each Placing share, Subscription share and Settlement Share issued has a warrant attached allowing the holder to subscribe for 1 additional share in the Company at an exercise price of 7.5 pence for a period of 3 years from Admission (the "New Warrant"). New Warrants have been issued over 15,550,000 new ordinary shares.
The net proceeds of the Fundraise will be utilised to complete the final validation and verification of packaging and instrumentation prior to the FDA 510k lodgement and ongoing working capital through FDA clearance process.
Fee Shares and Director Participation
Accrued director fees of GBP97,200 will be settled through the issue of 648,000 new ordinary shares at a price of 15 pence per share ("Fee Shares").
Norman Lott, Chief Financial Officer of the Company and Nikunj Patel, Non-Executive Director of the Company, are participating in the Fundraise. Details of their participation are set out in the table below along with the revised shareholdings of the Directors following the issue of Fee Shares.
Hot Features
Premium
Director Current Fee Shares Subscription Resultant Resultant
Shares shares shareholding percentage
following shareholding
Admission following
Admission
Ian Roberts
(CEO) 861,111 Nil Nil 861,111 0.7%
-------------------------- ---------------------------- ------------- ---------------------------------------- -------------
Norman Lott
(CFO) 1,750,000 Nil 200,000 1,950,000 1.7%
-------------------------- ---------------------------- ------------- ---------------------------------------- -------------
Martin
Armstrong
(Chairman) 333,333 408,000 Nil 741,333 0.6%
-------------------------- ---------------------------- ------------- ---------------------------------------- -------------
Annabel
Schild
(NED) 4,166,667 80,000 Nil 4,246,667 3.6%
-------------------------- ---------------------------- ------------- ---------------------------------------- -------------
Dr Tim
Evans
(NED) 166,667 80,000 Nil 246,667 0.2%
-------------------------- ---------------------------- ------------- ---------------------------------------- -------------
Nikunj
Patel
(NED) 250,000 80,000 1,000,000 1,330,000 1.1%
-------------------------- ---------------------------- ------------- ---------------------------------------- -------------
Total 7,527,778 648,000 1,200,000 9,375,778 7.9%
-------------------------- ---------------------------- ------------- ---------------------------------------- -------------
724,902 new ordinary shares ("Historical Shares") were issued by the Company between October and November 2021 to settle third-party outstanding liabilities of GBP69,760. Due to an administrative oversight by the Company, no announcement or application was made for these shares to be admitted to trading on the AQSE Market.
Admisssion of Shares
In aggregate application has been made for 16,922,902 new ordinary shares to be admitted to trading on AQSE which is expected to occur on or around 8 June 2022 ("Admission")
Appointment of Joint Broker and Financial Adviser
The Company announces that it has appointed Peterhouse Capital Limited as joint broker and financial adviser to the Company with immediate effect.
Broker Warrants
As part of their renumeration Oberon and Peterhouse have been granted warrants over 540,000 new ordinary shares exercisable at a price of 5 pence per share at any time until third anniversary of Admission.
Total Voting Rights
Following Admission of the 16,922,902 new ordinary shares, the Company's issued share capital will consist of 118,311,869 (including the 724,902 ordinary shares issued but not admitted to trading on AQSE previously) ordinary shares with voting rights. The new ordinary shares will rank pari passu with the existing ordinary shares. No ordinary shares are held in treasury at the date of this announcement and therefore following the Admission, the total number of Ordinary Shares in the Company with voting rights will be 118,311,869.
The above total voting rights figure may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in the Company.
Ian Roberts, CEO of TruSpine, commented: "This fundraise will take us to the next stage of development as we look towards completing the final validation and verification of packaging and instrumentation of Cervi-LOK(TM). This is a critical phase leading up to lodgement of the FDA 510k application and we look forward to what we hope will be a rapid move towards commercialisation later this year."
This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement.
Enquiries:
TruSpine Technologies Plc Tel: +44 (0)20 3638 5025 Ian Roberts, CEO Cairn Financial Advisers LLP (AQSE Corporate Tel: +44 (0)20 Adviser) 7213 0880 Liam Murray / Ludovico Lazzaretti Oberon Capital (Joint Broker) Tel: +44 (0)20 3179 5300 Mike Seabrook / Chris Crawford Peterhouse Capital Limited (Joint Broker & Financial Adviser) Lucy Williams / Duncan Vasey Tel: +44 (0)20 7469 0930 Walbrook PR (Financial Tel: +44 (0) 20 7933 7870 or +44 (0) PR & IR) 7876 741 001 Anna Dunphy truspine@walbrookpr.com
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identi ed by their use of terms and phrases such as "believe", "could", "should" "envisage", "estimate", "intend", "may", "plan", "potentially", "expect", "will" or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements re ect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.
Notification of a Transaction pursuant to Article 19(1) of Regulation
(EU) No. 596/2014
1 Details of the person discharging managerial responsibilities/person
closely associated
------------------------------------------------------------------------------------------
a. Name 1) Martin Armstrong
2) Annabel Schild
3) Dr Tim Evans
4) Nikunj Patel
--------------------------------- -------------------------------------------------------
2 Reason for notification
--------------------------------- -------------------------------------------------------
a. Position/Status PDMR
1) Chairman
2) NED
3) NED
4) NED
--------------------------------- -------------------------------------------------------
b. Initial notification/ Initial notification
Amendment
--------------------------------- -------------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------------------------
a. Name TruSpine Technologies Plc
--------------------------------- -------------------------------------------------------
b. LEI 213800HNZX9B1QZPB225
--------------------------------- -------------------------------------------------------
4 Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions have
been conducted
------------------------------------------------------------------------------------------
a. Description of Ordinary shares of 0.01 pence each
the financial
instrument, type
of instrument
ISIN: GB00BMZCKL55
Identification
Code
--------------------------------- -------------------------------------------------------
b. Nature of the Issue of ordinary shares in lieu of director
transaction fees
--------------------------------- -------------------------------------------------------
c. Price(s) and volume(s) Price(s) Volume(s)
--------------------------------- ----- -----------------------
1) GBP0.15 1) 408,000
2) GBP0.15 2) 80,000
3) GBP0.15 3) 80,000
4) GBP0.15 4) 80,000
--------------------------------------------------------------------- -------------------
d. Aggregated information
* Volume N/A
* Price
--------------------------------- -------------------------------------------------------
e. Date of the transaction 8 June 2022
--------------------------------- -------------------------------------------------------
f. Place of the transaction London
--------------------------------- -------------------------------------------------------
Notification of a Transaction pursuant to Article 19(1) of Regulation
(EU) No. 596/2014
1 Details of the person discharging managerial responsibilities/person
closely associated
------------------------------------------------------------------------------------------------
a. Name 1) Norman Lott
2) Nikunj Patel
------------------------------- ---------------------------------------------------------------
2 Reason for notification
------------------------------- ---------------------------------------------------------------
a. Position/Status PDMR
1) CFO
2) NED
------------------------------- ---------------------------------------------------------------
b. Initial notification/ Initial notification
Amendment
------------------------------- ---------------------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------------------------------
a. Name TruSpine Technologies Plc
------------------------------- ---------------------------------------------------------------
b. LEI 213800HNZX9B1QZPB225
------------------------------- ---------------------------------------------------------------
4 Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions have
been conducted
------------------------------------------------------------------------------------------------
a. Description of Ordinary shares of 0.01 pence each
the financial
instrument, type
of instrument
ISIN: GB00BMZCKL55
Identification
Code
------------------------------- ---------------------------------------------------------------
b. Nature of the Purchase of ordinary shares through the Subscription
transaction
------------------------------- ---------------------------------------------------------------
c. Price(s) and volume(s) Price(s) Volume(s)
------------------------------- ------ ------------------------
1) GBP0.05 1) 200,000
2) GBP0.05 2) 1,000,000
--------------------------------------------------------------------- -------------------------
d. Aggregated information
* Volume N/A
* Price
------------------------------- ---------------------------------------------------------------
e. Date of the transaction 8 June 2022
------------------------------- ---------------------------------------------------------------
f. Place of the transaction London
------------------------------- ---------------------------------------------------------------
Notification of a Transaction pursuant to Article 19(1) of Regulation
(EU) No. 596/2014
1 Details of the person discharging managerial responsibilities/person
closely associated
--------------------------------------------------------------------------------------
a. Name 1) Norman Lott
2) Nikunj Patel
------------------------------ ------------------------------------------------------
2 Reason for notification
------------------------------ ------------------------------------------------------
a. Position/Status PDMR
1) CFO
2) NED
------------------------------ ------------------------------------------------------
b. Initial notification/ Initial notification
Amendment
------------------------------ ------------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------------------------
a. Name TruSpine Technologies Plc
------------------------------ ------------------------------------------------------
b. LEI 213800HNZX9B1QZPB225
------------------------------ ------------------------------------------------------
4 Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions have
been conducted
--------------------------------------------------------------------------------------
a. Description of Warrants over ordinary shares of 0.01 pence
the financial each
instrument, type
of instrument
Identification ISIN: GB00BMZCKL55
Code
------------------------------ ------------------------------------------------------
b. Nature of the Issue of Warrants
transaction
------------------------------ ------------------------------------------------------
c. Price(s) and volume(s) Price(s) Volume(s)
------------------------------ ----- ---------------------
1) GBP0.075 1) 200,000
2) GBP0.075 2) 1,000,000
--------------------------------------------------------------- --------------------
d. Aggregated information
* Volume N/A
* Price
------------------------------ ------------------------------------------------------
e. Date of the transaction 8 June 2022
------------------------------ ------------------------------------------------------
f. Place of the transaction London
------------------------------ ------------------------------------------------------
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END
NEXFFLFXLELXBBZ
(END) Dow Jones Newswires
May 31, 2022 07:45 ET (11:45 GMT)
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