Byotrol raises £1m in loan notes to fund expansion
Anti-microbial hygiene company, Byotrol, has raised £1m to help fund future growth.
The fundraise has been completed by the issue of convertible loan notes to new and existing investors including board directors in the company.
The Daresbury-headquartered group said the net proceeds of the fundraising will be used to fund future growth plans, including to finance ongoing regulatory approvals in the UK and EU.
David Traynor, Chief Executive of Byotrol, said: “These funds will allow Byotrol to continue investing in its growth plans, without accessing equity markets at current low levels and without offering the high interest rates and levels of security currently being sought by debt investors and banks.
“The high level of participation by the Directors confirms the Directors’ continued confidence in the future of the Company.”
The Loan Notes have a term of five years, are senior in ranking, unsecured and convertible at investors’ option into ordinary shares in the capital of the Company at a price of 3.25 pence per share, representing a 30% premium to the mid-price of the company’s share price at close of business on 26 July 2022.
The fundraise comes weeks after the listed group revealed its results for the year to March 31, will be in line with trading updates made ahead of the year, including sales of £6.3m, comprising £5.2m from product sales and £1.1m from IP sales and royalties, a positive adjusted EBITDA, before exceptional items, and cash at year end of £1.1m.
