Provexis draws down £540,000

PROVEXIS, the listed company pioneering sports nutrition products has raised a further £541,122 from the equity financing facility with long-term backer Darwin Securtities.

The EFF agreement was originally arranged by Darwin in March 2010, and Provexis announced that the £25m agreement had been renewed on 8 November 2011 for three years

Under the terms of the EFF agreement Provexis, which has a manufacturing site in Nelson, Lancs, has allotted 31.6 million new ordinary shares of 0.1p each to Darwin. The New Provexis Shares have been issued at a gross 1.85p per share.

The draw down is the second undertaken by the Company since the renewal of the EFF in November 2011 and it represents a discount of 6.2% to the closing mid-market price on August 24.

Stephen Moon, chief executive of Provexis said: “We decided earlier this month to raise a small amount of cash to fund the increased working capital needs of the growing Science in Sport business.

“The net proceeds from this drawdown have met this need and the Board is pleased that the new ordinary shares are to be issued at an attractive price relative to the current share price.”