Allied Minds PLC STT's $22.8m convertible bridge facility (5468B)
January 11 2018 - 1:00AM
UK Regulatory
TIDMALM
RNS Number : 5468B
Allied Minds PLC
11 January 2018
Update on Spin Transfer Technologies' $22.8 million convertible
bridge facility
Boston MA - 11 January 2018 - Allied Minds (ALM: LSE) today
announces that it has syndicated $10.28 million of the $22.8
million convertible bridge facility commitment it put in place for
Spin Transfer Technologies (STT) in October 2017.
Existing STT shareholders Invesco Asset Management (Invesco) and
Woodford Investment Management (WIM) will subscribe $10.28 million
for convertible equity securities in STT, and Allied Minds
commitment to the convertible bridge facility will be reduced by a
corresponding amount to $12.52 million.
The facility is designed to bridge STT to the completion of a
planned Series B funding round targeting strategic investors.
ENDS
For more information, please contact:
Allied Minds plc
Neil Pizey, Head of Corporate
Development +44 7771 872 922
FTI Consulting
Ben Atwell / Brett Pollard +44 20 3727 1000
About Allied Minds
Based in Boston, Allied Minds plc is an IP commercialisation
company focused on technology and life sciences. With extensive
access to U.S. federal government laboratories and universities, as
well as partnerships with leading U.S. corporations, Allied Minds
forms, funds, and operates a portfolio of companies with the
objective of delivering successful liquidity events that will
generate attractive long-term returns for its investors and
stakeholders. Allied Minds supports its businesses with capital,
resources, and expertise.
For more information, please visit www.alliedminds.com
About STT
Spin Transfer Technologies, Inc. (STT) is seeking to develop
ST-MRAM technologies that uniquely combine patented magnetics
technologies, circuits and memory architectures to create the
industry's lowest-cost, highest-performance ST-MRAM memories. STT's
disruptive ST-MRAM solutions are ideal replacements for embedded
and stand-alone SRAMs as well as future DRAM devices, affecting
more than half of the $300+ billion semiconductor industry. The
company was established by Allied Minds and New York University.
For more information, please visit www.spintransfer.com.
Further information on the fund-raise
Of the $10.28 million STT convertible equity securities
subscribed, Invesco contributed $6.0 million for the purchase of
600 securities and WIM contributed $4.28 million for the purchase
of 428 securities Both Invesco and WIM are substantial shareholders
of Allied Minds pursuant to the Listing Rules and thus, this
transaction is a smaller related party transaction falling within
the scope of Listing Rule 11.1.10R.
Allied Minds Forward-Looking Statement
This press release contains statements that are or may be
forward-looking statements, including statements that relate to
Allied Minds' future prospects, developments and strategies. The
forward-looking statements are based on current expectations and
are subject to known and unknown risks and uncertainties that could
cause actual results, performance and achievements to differ
materially from current expectations, including, but not limited
to, those risks and uncertainties described in the risk factors
included in Allied Minds' regulatory filings. These forward-looking
statements are based on assumptions regarding the present and
future business strategies of Allied Minds and the environment in
which it will operate in the future. Each forward-looking statement
speaks only as at the date of this press release. Except as
required by law, regulatory requirement, the Listing Rules and the
Disclosure Guidance and Transparency Rules, neither Allied Minds
nor any other party intends to update or revise these
forward-looking statements, whether as a result of new information,
future events or otherwise.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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January 11, 2018 02:00 ET (07:00 GMT)
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