Summit Corporation announces Placing and Open Offer to raise up to 8.2 Million
Client
Summit Corporation plc
Date
December 11, 2009
On December 11, 2009 Summit Corporation plc announced a placing of up to 120,678,456 new ordinary shares of £0.01 to raise £6.0 million before expenses with new and existing investors (the Placing). In addition, the Company is looking to raise up to a further £2.2 million before expenses through an open offer of up to 43,725,177 New Ordinary Shares to existing shareholders (the Open Offer).
The Placing and Open Offer are intended to:
- Provide Summit with financial resources that will last until at least December 2011, excluding milestone payments from existing and new deals;
- Fund key activities in the development of the Company's proprietary iminosugar technology and;
- Ensure the Company benefits from milestone payments from existing programme deals.
David Smith, Allistair Booth, Claire Mitchell and Raymond Xu of Fasken Martineau advised Summit Corporation plc in these matters.
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