Business
Result of Placing
Result of Placing.
About this update from Emv Capital Plc
[{"type":"text","content":"\n \n \n RNS Number : 2273V\n NetScientific PLC\n 05 August 2020\n \n \n \n \n THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.\n \n \n NetScientific plc\n \n \n (\"NetScientific\" or the \"Company\") \n \n \n \n \n \n Result of Placing\n \n \n NetScientific plc (AIM:NSCI), the transatlantic healthcare IP commercialisation group, is pleased to announce that it has conditionally raised gross proceeds of approximately £2.3 million as a result of the Placing that was announced earlier today. Terms and expressions in this announcement will have the same meaning as in that announcement.\n \n \n A total of \n 3,538,455\n \n Placing Shares in the Company have been placed by WH Ireland with institutional and other investors at a price of 65 pence per New Ordinary Share (the \"Issue Price\"), after taking into account the 1 for 10 share consolidation.\n \n \n Entities associated with Melvin Lawson, a substantial shareholder in the Company, have subscribed for 923,076 Placing Shares. Dr Ilian Iliev, CEO of the Company, has also agreed to subscribe for 76,923 Placing Shares. These subscriptions constitute related party transactions under the AIM Rules. \n \n \n The independent Directors (being John Clarkson and Professor Stephen Smith) consider, having consulted with WH Ireland, the Company's nominated adviser, that the terms of the subscriptions are fair and reasonable insofar as the shareholders of NetScientific are concerned.\n \n \n Application for admission to trading on AIM for the New Ordinary Shares will be made and Admission is expected to take place on 25 August. The Placing Shares will rank pari passu with the New Ordinary Shares following the proposed Capital Reorganisation. Following Admission, the Company's issued and fully paid share capital will consist of 14,916,122 New Ordinary Shares of 5 pence each.\n \n \n The Fundraising is subject to, inter alia, shareholder approval, Admission becoming effective and the Placing Agreement becoming unconditional and not being terminated in accordance with it...