StockMarketWire.com - Angel Biotechnology is seeking shareholder approval to raise up to a further £1m through a placing of shares at the same price as one announced on 22 December.

Following the placing in December, £175,000 of the original authority - 175,000,000 ordinary shares - was left unutilised, which, at the price of the December placing, would enable the company to raise a further £350,000.

However, one of the institutional investors who was not in a position to invest at the time of the December placing has agreed to invest £360,000, while other institutional investors who supported the December placing have asked to provide follow-on investments.

These additional investments would be in excess of the remaining original authority and shareholder approval will be sought at an extraordinary general meeting on 13 April.

Executive chairman Dr. Paul Harper said: "The placing would further strengthen Angel's shareholder base and provide additional working capital that will enable the company to respond quickly to new business development opportunities recently available to it.

"The directors also believe that in the light of the current uncertain financial markets, it is prudent to raise funds when they become available."




At 9:05am: [LON:ABH] share price was -0.02p at 0.22p



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