Nexstim Plc issues shares in standby equity distribution agreement
02 November 2016
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, pursuant to the authorisations received at the Company's extraordinary general meeting on 18 August 2016 and the financing arrangement entered into with Bracknor Investment and the Finnish Innovation Fund Sitra which was announced on 21 July 2016, the Board of Directors of the Company has today resolved on issuing 1,379,490 shares to Bracknor with a subscription price of EUR 333,008.88 based on the stand-by equity distribution agreement (SEDA). The Board of Directors of the Company has also decided to issue 1,498,868 treasury shares to the Company itself without consideration and list the afore mentioned shares. The new shares will be listed approximately on 9 November 2016. After the transfer the Company will have 1,498,868 treasury shares. After the issuance, the total number of registered shares in the Company will be 14,988,686.
Martin Jamieson, Chairman and CEO of Nexstim, commented: “In line with the funding agreement announced in July, we are pleased to be able to continue to raise capital via this favourable first use of the standby equity distribution agreement. As previously stated, we estimate this will provide funding until the beginning of Financial year 2018 as we continue to focus on the FDA 510(k) De Novo regulatory approval for Stroke Rehabilitation, utilising our Navigated Brain Therapy (NBT®) system’’.
Martin Jamieson, CEO
Further information is available on the website www.nexstim.com or by contacting:
Martin Jamieson, Chief Executive Officer email@example.com
UB Securities Oy (Certified Adviser) +358 (0)9 2538 0246
Consilium Strategic Communications +44 (0)20 3709 5700
Mary-Jane Elliott / Ivar Milligan firstname.lastname@example.org
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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