SkinBioTherapeutics PLC announced on Tuesday the closure of its convertible bond facility.
The skin health-focused life science company received the final conversion notice from Macquarie for £480,000 on Monday of convertible bonds from the initial £5.0 million convertible bond facility announced earlier in the year.
SkinBio has drawn a total of £1.6 million under the facility. It had announced it would not draw any further funds from the facility back in February.
The Newcastle, England-based firm will issue 5.8 million new ordinary shares at a conversion price of 8.21p per share, likely on Friday.
Chief Executive Officer Stuart Ashman said: ‘We are pleased that the [convertible loan note] has now come to an end. Having listened to shareholder sentiment, we made the decision not to use the remainder of the facility. We have worked to reduce the initial loan note as swiftly as possible. Whilst the term of the note was designed to span two years, the entire facility has now been converted within six months of its introduction’.
SkinBio shares were up 21% at 11.05p per share in London on Tuesday afternoon.
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