News

Result of Special Meeting
27 February 2012

Further to the announcement dated 14 February 2012, TyraTech, Inc. (AIM: TYR), a natural life sciences company, is pleased to announce that at the Special Meeting held earlier today, each of the resolutions set out in the notice of Special Meeting were duly passed. Accordingly, the Fundraise (as defined in the circular dated 14 February 2012) is now unconditional save for Admission.

Accordingly, the Company has approved, subject only to Admission, the issue of 52,101,460 new common shares in the capital of the Company of $0.001 each (the "New Common Shares") at 5 pence per share to the investors participating in the Fundraise. In addition, the Company has issued a further 500,000 new common shares of $0.001 each (the "Further New Common Shares") subject to admission. Of these Further New Common Shares, 327,500 new common shares are being issued pursuant to a third party consultancy agreement and 172,500 new common shares are being subscribed for directly with the Company by the same third party.

Application has been made to the London Stock Exchange for the New Common Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission and the commencement of dealings will take place on 29 February 2012.

Application will be made to the London Stock Exchange for the Further New Common Shares to be admitted to trading on AIM ("Further Admission"). It is expected that Further Admission and the commencement of dealings will take place on 5 March 2012.

Following Admission, the Company will have 103,957,678 common shares of $0.001 each in issue. The number of restricted common shares trading under TIDM 'TYR' following Admission will be 92,165,356 and the number of unrestricted common shares trading under TIDM 'TYRU' following Admission will be 11,792,322. The Company does not hold any shares in Treasury.

Following Further Admission, the Company will have 104,457,678 common shares of $0.001 each in issue. The number of restricted common shares trading under TIDM 'TYR' following Further Admission will be 92,665,356 and the number of unrestricted common shares trading under TIDM 'TYRU' following Further Admission will be 11,792,322.

Furthermore, following admission, the directors of the Company, will hold the following number of Common Shares:

	Subscription pursuant to the Fundraise	Total common shares held following Admission	Resulting % of share capital following Admission	Resulting % of share capital following Further Admission
Alan Reade	1,993,960	6,192,348	5.96	5.93
James Hills	315,500	365,500	0.35	0.35
Barrington Marshall Riley	1,000,000	2,255,556	2.17	2.16

In addition, the directors are interested in the following options over Common Shares:

	Options held over Common Shares in the Company	Option exercise price	Expiry date
Alan Reade	550,000	£0.105	4 February 2020
	995,125	£0.25	10 October 2020
James Hills	200,000	£0.25	10 October 2020
Barrington Marshall Riley	200,000	£0.25	10 October 2020

Alan Reade, Executive Chairman of the Company, commented:

"Following the Fundraise, TyraTech can now look forward to the continued development and commercialisation of its product range. We are grateful for the continued support of new and existing shareholders which is enabling the Company to continue to build value from these opportunities."

 

For further information please contact:

TyraTech Inc.
Alan Reade, Executive Chairman
+1 919 415 4310

Peter Jerome, Chief Financial Officer
+1 919 415 4280

N+1 Brewin, Nominated Adviser and Joint Broker
Aubrey Powell/ Robert Beenstock
+44 20 3201 3710

First Columbus LLP, Joint Broker
Chris Crawford
Tel: +44 20 3002 2070

 

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