Leiden, The Netherlands, October 19, 2012. Biotech company Pharming Group NV (“Pharming” or “the Company”) (NYSE Euronext: PHARM) today announces that the Company’s number of outstanding shares has increased following a call by investors under the equity working capital facility.
Pharming has the option to draw from the €10 million equity working capital facility (which was announced on August 1, 2012) in tranches, in exchange for ordinary shares in the capital of the Company, whereby both the timing and the amount of any tranche are determined by Pharming. The individual investors have an option to purchase up to 600% of the number of shares to be issued during the 15 trading days pricing period; the total amount of cash paid to Pharming for such shares will depend on the total number of shares called by the investors and the development of the Volume Weighted Average Price of the shares during this 15 trading days pricing period. Short selling is not permitted under the equity working capital facility.
The initial third tranche call of 16,000,000 shares made by the Company as announced on October 17, 2012 has now been increased by the investors with 13,376,000 shares from 40,976,000 to 54,352,000.
Following the issuance of the 13,376,000 shares, the number of outstanding shares increases from 953,580,387 to 966,956,387 shares.