Business
Conditional Placing to Raise ?4.7 Million
Conditional Placing to Raise ?4.7 Million.
About this update from Avacta Group Plc
[{"type":"text","content":"\n \nRNS Number : 5813J Avacta Group PLC 18 July 2013 \n \n\nTHIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, JAPAN, SOUTH AFRICA OR AUSTRALIA OR ANY JURISDICTION IN WHICH SUCH PUBLICATION OR DISTRIBUTION IS PROHIBITED. \n \n \n \n\n\n\n\nPress Release \n\n\n 18 July 2013\n\n\n\n\n \nAvacta Group plc\n(\"Avacta\" or the \"Group\")\n \nConditional Placing to Raise £4.7 Million \n \n \nAvacta Group plc (LSE: AVCT) a global provider of innovative diagnostic tools, consumables and reagents aimed at reducing the cost of human and animal healthcare, announces today that it has raised, subject to certain conditions, £4.7 million (before expenses) by way of a placing of 854,545,457 new Ordinary Shares (the \"Placing Shares\") with both new and existing institutional shareholders at a price of 0.55 pence per Ordinary Share.\n \nThe net proceeds of the issue of the Placing Shares of approximately £4.5 million, will be used to accelerate the Group's development and commercialisation of Affimers, to support the early stage commercialisation of the Sensipod in-clinic analyser in the veterinary market and to continue the development of the Optim instrument.\n \nAlastair Smith, Chief Executive of Avacta, commented: \"We are delighted to have successfully raised these funds through both existing and new shareholders. The Board looks forward to utilising the proceeds of the Placing to build the Life Sciences division of our business, specifically developing the Affimer platform. Although currently at an early stage, the Board sees this as being a key division contributing to revenue growth in our business in future and it is vital that the commercialisation plan is executed effectively. We will also shortly be undertaking commercial roll out of the Sensipod diagnostics system following recent successful field trials.\n \n\"It is pleasing that the Placing Price is at a small premium to the middle market share price of 0.535 pence per Ordinary Share on 17 July 2013, and that there was greater demand than the final placing amount.\"\n \nThe Placing Shares will, upon Admission, rank pari passu in all respects with the Ordinary Shares in issue as at that dat...