InnovaDerma, a UK -based company focused on hair loss, hair care, self-tanning and skin rejuvenation, has raised £539,999.60 through the placing by Hybridan LLP of 771,428 new ordinary shares of €0.10 each in the capital of the company at a placing price of 70 pence per share with new institutional shareholders.
Application has been made for the Placing Shares to be admitted to the Official List and to trading on the London Stock Exchange’s main market for listed securities.
It is expected Admission will become effective and that unconditional dealings will begin on the London Stock Exchange on December 9, 2016. The Placing Shares will rank pari passu with the existing ordinary shares of the hair care, skin maintenance company.
After Admission, the hair care company will have 11,116,963 ordinary shares in issue. This figure (11,116,693), is the number which may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interests in, the hair care company under the FCA’s Disclosure and Transparency Rules.
“The net proceeds of the fundraising will provide the skin treatment, hair care company with working capital to fund growth into European and US markets and improve supply chain management to meet growing demand for Skinny Tan, a premium self-tanner brand that contains a natural tanning active, to tan and reduce the visible appearance of cellulite,” InnovaDerma said in its press release.
Broker Warrants
In connection with the Placing, InnovaDerma has agreed to issue warrants to Hybridan LLP to subscribe for up to 42,429 ordinary shares in the capital of the company (Broker Warrants).
The Broker Warrants are exercisable in the period from (but excluding) 29 July 2016 to (and including) 29 July 2019, at an exercise price of £0.84 per share.