LONDON: Belluscura plc (AIM: BELL), a UK-based medical device innovator specializing in portable oxygen enrichment technology, has launched a strategic funding initiative to strengthen its capital base and support growth.
As part of the plan, the company’s wholly owned U.S. subsidiary, Belluscura LLC, has signed a secured convertible loan note agreement to raise up to $1.5 million (£1.1 million). The agreement, arranged by Omaha Value, Inc., a U.S.-based investment firm, includes an initial $250,000 subscription, with future tranches available at the company’s discretion. The loan note carries an 18% annual interest rate and may be repaid within 12 months or converted to equity at 1.125 pence per share.
In conjunction with the loan, Belluscura has executed Heads of Terms with Omaha to secure a further $12 million (£8.9 million) through a direct share subscription. Existing shareholders will also have the opportunity to participate via an open offer at the same price, with attached warrants on a one-for-two basis.
If the full amount of the loan is drawn and converted, along with exercised warrants, Omaha and its investor group could hold over 30% of Belluscura’s enlarged share capital. The company is in discussions with the UK Takeover Panel to seek a Rule 9 waiver, allowing the investor group to avoid a mandatory offer to all shareholders, subject to shareholder approval.
Belluscura cautioned that while fundraising talks are ongoing, there is no certainty they will proceed. A failure to close the offering would create material uncertainty around its near-term liquidity.
The company also reported unaudited sales of $540,000 for May 2025, reflecting sustained demand for its X-PLOR portable oxygen concentrator. Belluscura confirmed the full commercial launch of its upcoming DISCOV-R device remains on track for Q3.
