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BRIEF-Cellnovo Group announces arrangement of equity line with Kepler Cheuvreux
March 20, 2017 / 6:27 AM / 9 months ago

BRIEF-Cellnovo Group announces arrangement of equity line with Kepler Cheuvreux

March 20 (Reuters) - Cellnovo Group SA:

* Announces arrangement of an equity line to support its development

* Says Kepler Cheuvreux gave a full and firm commitment to subscribe for 1,500,000 shares over a timescale not exceeding 24 months

* Drawing on full amount of this equity line would enable company to raise 8.9 million euros ($9.6 million) in financing using current share price

* Company estimates its cash requirement over next 12 months to end of Q1 of 2018 at between 6 million euros and 7 million euros

* Currently negotiating around 10 million euros in debt financing, with an initial payment of 5 million euros to 6 million euros

* Shares will be issued at volume-weighted average share price over two trading sessions preceding a day on which share warrants are exercised, less a maximum discount of 7.0 percent Source text for Eikon: Further company coverage: ($1 = 0.9297 euros) (Gdynia Newsroom)

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