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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Salvarx Group Plc | LSE:SALV | London | Ordinary Share | IM00BZ4SS228 | ORD 2.5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 4.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMSALV
RNS Number : 5230S
SalvaRx Group plc
26 June 2018
SalvaRx Group plc
("SalvaRx" or the "Company")
Related Party Loan of US$1 million
SalvaRx (LON: SALV), a biotechnology company focused on immunotherapy for cancer, announces an unsecured US$1 million loan (the "Loan").
Jim Mellon and Greg Bailey, who are both directors and substantial shareholders of the Company, have each agreed to loan the Company US$0.5 million ("the Lenders"). Jim Mellon's loan will be made via Galloway Limited, a company owned by a trust of which he is a life tenant.
The Loan is repayable within 12 months and attracts interest at 7% per annum. The Company has the right to repay the Loan at any time. If any portion of the Loan is outstanding after 12 months, the Lenders will charge interest of 18% per annum on the outstanding amount. This funding will be used to finance the Company's various drug development programmes and its working capital requirements.
Ian Walters, CEO of SalvaRx, said "The Company has built its drug pipeline into an interest in ten programmes, one of which is in clinical testing. With this further support from Jim Mellon and Greg Bailey, we are able to continue to progress the various programmes as we investigate further funding and development opportunities."
Related Party Transactions
The subscriptions for the Loan by Mr Mellon and Dr Bailey constitute related party transactions under Rule 13 of the AIM Rules for Companies. The independent directors, being Ian Walters, Kam Shah, Richard Armstrong and Colin Weinberg, consider, having consulted with Northland Capital Partners Limited, the Company's Nominated Adviser, that the terms of the Loan are fair and reasonable insofar as the Company's shareholders are concerned.
-Ends-
SalvaRx Group plc Ian Walters (Chief Executive) Tel: +1 203 441 5451 Northland Capital Partners Limited Tel: +44 (0) 20 3861 Nominated Adviser and Broker 6625 Matthew Johnson / Edward Hutton (Corporate Finance) John Howes (Corporate Broking) Peterhouse Corporate Finance Limited Tel: +44 (0) 20 7469 Joint Broker 0932 Lucy Williams / Duncan Vasey
For more information please visit: www.salvarx.io
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
MSCUVRBRWAANUAR
(END) Dow Jones Newswires
June 26, 2018 02:00 ET (06:00 GMT)
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