The company, in a statement, noted that the existing company constitution requires it to offer new securities first to existing shareholders.
IronRidge is now seeking, under resolution 7 of the EGM, to get authorisation to issue shares without this pre-emption.
“It is the company's view that it can raise capital in a cost-efficient and timely manner by carrying out a private placement instead of an offer of equity securities to all existing shareholders where the costs of compliance with relevant securities laws would be much greater,” the company said in a statement.
Other resolutions put forward for the EGM relate to share warrants and director share options.
On May 11, Ironridge announced it had raised £4.75mln through a conditional share placing, with tRead More – Source