Haydale is pleased to announce a subscription for new ordinary shares of £0.02 each to raise £450,000 before expenses (the “Subscription”). The Subscription funds will be used for general working capital purposes. The Company had approximately £2.47 million of cash as at 31 October 2019.

Details of the Subscription, Issue of Equity and Total Voting Rights

Pursuant to the Subscription, the Company will issue 22,500,000 new ordinary shares of £0.02 each (the “Subscription Shares”) to raise £450,000 (before expenses) at a price of 2.0 pence per new ordinary share, representing a premium of 25 per cent. to the closing mid-market price of the Company’s shares on 22 November 2019. The Subscription Shares represent approximately 6.6 per cent. of the Company’s enlarged share capital.

Application will be made to the London Stock Exchange for the Subscription Shares to be admitted to trading on AIM on or around 29 November 2019 (“Admission”). The Subscription Shares will rank pari passu with the Company’s existing ordinary shares of £0.02 each.

Following Admission, and in accordance with the Financial Conduct Authority’s Disclosure (“FCA”) and Transparency Rules, the Company hereby announces that it will have 340,223,848 ordinary shares in issue, each share carrying the right to one vote. The Company does not hold any ordinary shares in treasury.

Following Admission, the above figure of 340,223,848 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest, in the share capital of the Company under the FCA and Transparency Rules.

David Banks, Non-executive Chairman of Haydale, commented: “We are pleased to have received such strong support from two of our existing shareholders who truly believe in the progress Haydale is making on its commercialisation journey. The additional funds from the Subscription enable our Executive Team to move forward with additional confidence.”

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (“MAR”) (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.