Exercise of Warrants
02 April 2019
Polarean Imaging plc (AIM: POLX), the medical‑imaging technology company, with a proprietary drugdevice combination product for the magnetic resonance imaging (MRI) market, announces that it has issued 705,040 new ordinary shares of £0.00037 each in the capital of the Company ("Ordinary Shares") at exercise price of 15 pence per share (the "New Shares"), following the exercise of warrants from certain investors that subscribed for Convertible Loan Notes the Group undertook a preAdmission fundraise in December 2017.
The total consideration received by the Company pursuant to the warrant exercise will be £105,756.
Application will be made for the New Shares, which will rank pari passu with existing Ordinary Shares, to be admitted to trading on AIM (‚Admission‚). It is expected that Admission will become effective and dealings will commence at 8:00 a.m. on or around 5 April 2019.
Total Voting Rights
Following Admission, the total issued share capital of the Company will consist of 101,435,933 Ordinary Shares. This number may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest, or a change to their interest in, the Company under the FCA‚s Disclosure Guidance and Transparency Rules.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
|Polarean Imaging plc||www.polarean.com/www.polarean-ir.com|
|Richard Hullihen, Chief Executive Officer||Via Walbrook PR|
|Richard Morgan, Chairman|
|SP Angel Corporate Finance LLP||Tel: +44 (0)20 3470 0470|
|David Hignell / Lindsay Mair / Jamie Spotswood (Corporate Finance)|
|Vadim Alexandre / Rob Rees (Corporate Broking)|
|Walbrook PR||Tel: +44 (0)20 7933 8780
|Paul McManus / Anna Dunphy||Mob: +44 (0)7980 541 893 / +44 (0)7879 741 001|
About Polarean (www.polarean.com)
The Company and its wholly owned subsidiary, Polarean, Inc. (together the "Group") are revenue generating, medical drug-device combination companies operating in the high resolution functional magnetic resonance imaging market.
The Group develops equipment that enables existing MRI systems to achieve an improved level of pulmonary function imaging and specialises in the use of hyperpolarised Xenon gas (129Xe) as an imaging agent to visualise ventilation and gas exchange regionally in the smallest airways of the lungs, the tissue barrier between the lung and the bloodstream and in the pulmonary vasculature. Xenon gas exhibits solubility and signal properties that enable it to be imaged within other tissues and organs.
The Group operates in an area of significant unmet medical need and the Group's technology provides a novel diagnostic approach, offering a non-invasive and radiation-free functional imaging platform which is more accurate than current methods. The annual burden of pulmonary disease in the US is estimated to be over US $150 billion.