The life sciences company - which focuses on clinical stage cancer therapeutic development – said YA II has elected to convert US$696,202.90 of its loan note, plus accrued interest of US$10,530, into 47,765,035 ordinary shares at the agreed conversion price.
READ: ValiRx surges as it raises £1mln at a premium and confirms VAL401 phase II trial on track for readout this year
The group said the conversion is subject to the passing of resolutions to be proposed to the company’s shareholders at the general meeting on 21 December 2017.
ValiRx said the agreed conversion price supersedes the conversion formulae stated in the original loan note announcement dated 2 September 2016.
It added that US$520,000, plus interest, on Tranche 2 of the convertible remains outstanding.
In late afternoon trading ValiRx shares, which have been on a run recently after it confirmed its VAL401 phase II trial is on track for a readout before the year-end, were changing hands at 2.95 each, up 8.3%, or 0.22p on last night’s close.