OKYO Pharma Announces Public Offering of Ordinary Shares

LONDON and NEW YORK, Sept. 13, 2023 (GLOBE NEWSWIRE) -- OKYO Pharma Limited (Nasdaq: OKYO) (“OKYO” or the “Company”), an ophthalmology-focused bio-pharmaceutical company which is developing OK-101 to treat dry eye disease (“DED”), today announced that it intends to offer to sell its ordinary shares in an underwritten public offering (the “Offering”). All of the ordinary shares are to be sold by the Company. The Company expects to grant the underwriter a 30-day option to purchase up to an additional 15% of the number of ordinary shares sold in this Offering to cover over-allotments, if any. The Offering is subject to market conditions and there can be no assurance as to whether or when the Offering may be completed, or as to the actual size or terms of the Offering.

Freedom Capital Markets is acting as the sole book-running manager for the Offering. Bancroft Capital is acting as co-manager.

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.

The Company has received indications of interest from a limited number of individual and institutional investors to purchase up to $4.0 million of our ordinary shares in a Company best efforts registered direct offering, which if concluded would price and close at or about the same time as this Offering. Any shares sold by us in the registered direct offering would be at the same price per share to the public as those sold in this Offering. The consummation of this Offering is not conditioned on the consummation of the registered direct offering, and neither is such offering contingent on this Offering, and the Company cannot provide any assurance that the proposed registered direct offering will price or close regardless of whether this Offering prices and closes.

The securities are being offered and sold pursuant to a shelf registration statement on Form F-3 (File No. 333-272516), including a base prospectus, filed with the U.S. Securities and Exchange Commission (the “SEC”) on June 8, 2023, and declared effective on June 14, 2023. The Offering is being made only by means of a prospectus supplement and the accompanying base prospectus, as may be further supplemented by any free writing prospectus and/or pricing supplement that the Company may file with the SEC. A preliminary prospectus supplement and the accompanying base prospectus describing the terms of the proposed Offering have been filed with the SEC and are available on the SEC's website at www.sec.gov. The final prospectus supplement relating to the Offering will be filed with the SEC and will also be available on the SEC's website.  Copies of the preliminary prospectus supplement, the final prospectus supplement and the accompanying base prospectus relating to the Offering can also be obtained, when available, in writing from Freedom Capital Markets, 40 Wall Street, 58th Floor, New York, NY 10005, or via email at [e-mail] and via telephone at [phone].