Silence Therapeutics said this week that it plans to raise as much as £5.7 million ($8.8 million) through the issuance of up to around 940 million new ordinary shares.

The issuance will come as a subscription of 840 million shares at £0.05 each to certain investors and directors, Silence said, and up to around 100 million shares through an open offer, also at £0.05 a share. The company also plans to issue a £1 million convertible loan note.

The proposed share price represents a roughly 44 percent discount to Silence's current share price as of July 11.

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