Advanced Oncotherapy PLC has provided an update on its financing discussions and current financial position. The company has signed a non-binding term sheet with a third-party investor, who is expected to provide funding of up to $80 million to meet the company's cashflow requirements until the European certification of the LIGHT System. The financing transaction is anticipated to be a mixture of equity and debt financing. The company is also in discussions for bridge financing to alleviate its immediate financing needs. As of October 19, 2023, the company had cash of approximately £200,000. The current liabilities of the company include £22 million owed to trade and other unsecured creditors and £39 million of financial debt. If the financing transaction proceeds, a significant portion of the current liabilities and financial debt will be converted into equity. However, there is no certainty that the financing transaction will proceed. The company is also in discussions under the formal sale process with strategic players in the radiotherapy sector, but there is no certainty that any offer will be made for the company. Under Rule 21 of the Takeover Code, certain elements of the financing transaction may constitute frustrating action, and the company will seek consent from potential offerors or approval from shareholders if necessary. The implementation of certain aspects of the financing transaction may also require a waiver from the Panel on Takeovers and Mergers and the approval of independent shareholders.