ReproCELL, Inc. (JASDAQ:4978) agreed to acquire Biopta Ltd from Scottish Co-Investment Fund of The Scottish Investment Bank, Braveheart Investment Group plc (AIM:BRH), David Cameron Bunton, Christopher Robert Hiller, and Maria Virginia Borletti for JPY 1 billion on November 24, 2015. ReproCELL, Inc. will issue 1.09 million shares at price of JPY 485.87 billion in total to Scottish Enterprise for part of payment of the transaction. The sale is conditional, inter alia, on all of the shareholders in Biopta entering into a sale and purchase agreement with ReproCELL (expected to take place in early December) and on subsequent completion of the transaction. The deal is expected to close on December 14, 2015. The proceeds of the sale of the ReproCELL shares, as and when received, less a modest retention, will increase Braveheart's cash reserves and will be used for general working capital. Lindsay Mair and James Thomas of Sanlam Securities UK Limited acted as brokers and financial advisors to Braveheart.

ReproCELL, Inc. (JASDAQ:4978) completed the acquisition of Biopta Ltd from Scottish Co-Investment Fund of The Scottish Investment Bank, Braveheart Investment Group plc (AIM:BRH), David Cameron Bunton, Christopher Robert Hiller, and Maria Virginia Borletti on December 15, 2015.