OKYO Pharma to issue 3.503M ADSs at $1.50 in private placement

OKYO Pharma announced a "reasonable best efforts" offering of its American Depositary Shares, or ADSs, on the Nasdaq Capital Market and a subscription for new ordinary shares of no par value and, together with the U.S. Offering, the "Global Private Placement". OKYO will issue 3,503,665 new ADSs to certain investors at a price of $1.50 per New ADS raising gross proceeds of approximately $5.3M. Each New ADS offered in the U.S. Offering represents 65 Ordinary Shares. No commissions are payable by the company to any brokers or third parties. OKYO will also issue 8,673,658 new ordinary shares to investors at a price of 23c per new subscription share raising gross proceeds of approximately $0.1M. No commissions are payable by the company to any brokers or third parties. All New ADSs and subscription shares to be sold in the global private placement will be offered by the company, utilizing the full balance of the company’s headroom to admit securities to listing. OKYO intends to use the net proceeds of the global private placement to advance OK-101 to fund the initial Phase 2 clinical trial of OK-101 in DED patients, and for working capital and other general corporate purposes.