Nexstim Plc
Nexstim Plc Board of Directors of Nexstim Plc approves financing arrangement
Company announcement, Helsinki, 18 August 2016, at 18:00 pm
Nexstim Plc (NXTMH:HEX, NXTMS:STO) ("Nexstim" or the "Company"), a medical technology company with a pioneering navigated non-invasive brain stimulation system, announces that, following today's Extraordinary General Meeting, the Board of Directors of the Company has resolved on the execution of the financing arrangement announced on 21 July 2016.
Background
On 21 July 2016, Nexstim announced its plans to strengthen its working and growth capital via a directed share issue of EUR 500,000, a convertible bond facility of EUR 5 million, stand-by equity facilities of EUR 6.5 million and special rights entitling to shares to Bracknor Investment ("Bracknor") and to Nexstim's current shareholder, the Finnish Innovation Fund Sitra ("Sitra") (the "Financing Arrangement").
Resolutions of the Board of Directors
On the basis of the authorizations granted by the Company's Extraordinary General Meeting of shareholders held on 18 August 2016 and as a part of the Financing Arrangement, the Board of Directors has today resolved on:
- issuing 556,016 shares to Bracknor and 87,971 shares to Sitra in the form of treasury shares of the Company without payment for covering the fees relating to the Financing Arrangement;
- establishing option programmes for issuing convertible capital notes and warrants to Bracknor as well as warrants to Sitra;
- draw-down of the first tranche from Bracknor in accordance with the terms and conditions of the convertible capital notes; and
- in accordance with Bracknor's option programmes, issuing 250 convertible capital notes and 378,871 warrants to Bracknor, entitling to subscribe for shares in the Company in accordance with the terms and conditions of the convertible capital notes and the warrants.
Commenting on the announcement, Martin Jamieson, Chairman of the Board, said:"Our financing arrangement to sustain our working and growth capital is invaluable in helping Nexstim achieve a key part of our strategy of commercialising our NBT® system in the US. The backing from existing and new investors is a testament to our unique and pioneering technology and we thank them for their support."
NEXSTIM PLC
Martin Jamieson, CEO
Further information is available on the websitewww.nexstim.com or by contacting:
Nexstim +447715163942
Martin Jamieson, Chief Executive Officer martin.jamieson@nexstim.com
UB Securities Oy (Certified Adviser) +358 (0)9 2538 0246
Consilium Strategic Communications +44 (0)20 3709 5700
Mary-Jane Elliott / Ivar Milligan / Laura Thornton nexstim@consilium-comms.com
About Nexstim Plc
Nexstim is a medical technology company which has pioneered its technology in brain diagnostics with the Navigated Brain Stimulation (NBS) system as the first and only FDA-cleared and CE-marked navigated Transcranial Magnetic Stimulation (nTMS) system for pre-surgical mapping of the motor and speech cortices. Based on the same technology platform, the Company has developed a system called Navigated Brain Therapy (NBT®) which is CE-marked for chronic neuropathic pain, major depression and stroke therapy. Nexstim's shares are listed on Nasdaq First North Finland and Nasdaq First North Sweden. For more information please visit www.nexstim.com
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Source: Nexstim Oyj via Globenewswire
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