OKYO Pharma announces $5.84M cash raise

OKYO Pharma announced a $5.84M issuance of shares via: a Company managed registered direct offering of 1,092,600 ordinary shares at an offering price of $1.50 per ordinary share conducted without an underwriter or placement agent; and the extinguishment of payables of $4.20M by the issuance of 2,766,667 shares at the offering price of $1.50 per share. The reduction of payables is considered by the Company to be a major endorsement by its creditors of its current strategy and constitutes a material reduction of OKYO‘s payables. The gross cash proceeds to OKYO from the registered direct offering, before deducting offering expenses payable by OKYO, are expected to be $1.64M, together with a reduction of $4.20M of payables. The offering is expected to close on or about November 1 2023, subject to the satisfaction of customary closing conditions.OKYO intends to use the net proceeds from the offering primarily for clinical development of the Company’s product candidates, general corporate purposes and working capital.