BBS-Bioactive Bone Substitutes Plc’s rights issue raised gross proceeds of EUR 1.87 million

BBS-Bioactive Bone Substitutes Plc, Company Announcement, Insider information, 18 December 2023 at 5:15 p.m.

BBS-Bioactive Bone Substitutes Plc’s rights issue raised gross proceeds of EUR 1.87 million

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The rights issue resolved by BBS-Bioactive Bone Substitutes Plc’s (“BBS” or the “Company”) Board of Directors on 20 November 2023 (the “Offering”) has been subscribed to approximately 71.1 percent. The Company raised proceeds of approximately EUR 1.87 million from the Offering before deduction of issuance costs and fees.

The Board of Directors of the Company resolved on 18 December 2023 to approve the subscriptions received in the Offering. A total of 4,028,040 shares (approximately 86.1 per cent of the subscribed shares) have been subscribed based on the subscription rights and a total of 650,288 shares (approximately 13.9 per cent of the subscribed shares) without subscription rights.

The shares subscribed for in the Offering are expected to be registered with the Finnish Trade Register approximately on 21 December 2023. Combination of the temporary shares with the Company’s existing shares will occur in the book-entry system maintained by Euroclear Finland Oy approximately on 22 December 2023. The new shares subscribed for in the Offering will be subject to trading together with the Company’s existing shares approximately on 22 December 2023 on First North Growth Market Finland.

As a result of the Offering the number of shares in BBS will increase by 4,678,328. After the Offering the total number of shares will amount to 19,297,175. The company does not hold treasury shares.

BBS will in total receive approximately EUR 1.75 million net proceeds through the Offering (after deduction of transaction costs associated with the Offering).

Currently, based on the Company’s estimate, the cash resources collected in the Company are sufficient for about six months. Since the Company must secure its funding for the next year, the Board of Directors will start immediate measures to obtain additional funding.

Juliusz Rakowski, CEO of BBS: "I would like to thank all the subscribers for the trust they have shown in BBS. We will continue to focus on obtaining the CE marking during the second quarter of 2024 and preparing for the subsequent commercial phase."