VALIRX PLC

Capital/Financing Update • Jun 25, 2019

National Storage Mechanism | Additional information

You don't have Javascript enabled. For full functionality this page requires javascript to be enabled.

RNS Number : 3842D

ValiRx PLC

25 June 2019

VALIRX PLC

("ValiRx", the "Company" or the "Group")

Further re: Termination of Subscription Agreement

London, UK, 25 June 2019: ValiRx Plc (AIM: VAL), the clinical stage biotechnology company provides an update on the Subscription Agreement.

Further to the announcement released by the Company on 13 June 2019, the Company has conditionally agreed the termination of the entire Subscription Agreement with the European High Growth Opportunities SF (the "Investor"). The announcement of 13 June 2019 stated that the directors expected that the cash settlement payment would have been not in excess of £150,000. The Company has agreed to a final settlement of £212,500 to be settled in shares to be issued at a price determined by the lowest daily closing price during the last five trading days prior to the date of issue of such shares (the "Investor Shares").

The directors believe it is beneficial for the Company to exit the Subscription Agreement by paying in shares in order to preserve the Company's current cash position. As previously notified it expects to shortly receive proceeds of approximately £150,000 from the sale of an unlisted security and it also expects to receive a R&D tax credit of £400,000 from HMRC in July 2019.

The issue of Investor Shares is conditional on the passing of resolutions 5 and 6 at the Company's Annual General Meeting, to be held on 28 June 2019. Further announcements concerning the issue of the Investor Shares will be made in relation to the quantity of shares to be admitted and expected date of admission of such shares.

As previously announced, the Company's working capital position is dependent on new funds being made available to it and it continues to manage its working capital position carefully.

This announcement contains inside information for the purpose of Article 7 of EU Regulation 596/2014

For more information, please contact:

ValiRx plc	Tel: +44 (0) 20 3008 4416 www.valirx.com
Dr Satu Vainikka, Chief Executive	Tel: +44 (0) 20 3008 4416
Tarquin Edwards, Head of Communications.	Tel: +44 (0) 7879 458 364 tarquin.edwards@valirx.com
Cairn Financial Advisers LLP (Nominated Adviser) Liam Murray/Jo Turner/Richard Nash/Ludovico Lazzaretti	Tel: +44 (0) 20 7213 0880
Novum Securities Limited Colin Rowbury	Tel: +44 (0) 20 7399 9400

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

MSCEADKSALXNEFF