Business
Placing
Placing.
About this update from Itm Power Plc
[{"type":"text","content":"\n ITM Power PLC\n04 May 2006\n\n\nStrictly Embargoed until: 0700hrs, 4 May 2006\n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR\nINDIRECTLY, IN OR INTO THE UNITED STATES, JAPAN, CANADA, AUSTRALIA OR THE\nREPUBLIC OF IRELAND.\n\n ITM Power Plc\n ('ITM' or 'the Company')\n\n Placing of 9,189,235 new Ordinary Shares at 320p to raise approximately £29\n million\n\nITM Power Plc announces today that it has successfully raised £29.4 million\nbefore expenses, through a Placing of 9,189,235 Ordinary Shares at 320p each.\nThese shares have been placed with institutional investors by the Company's\nbroker, Panmure Gordon & Co.\n\nThe net proceeds from this Placing will be used as working capital to accelerate\nthe next phase of the Company's development strategy by pursuing the commercial\nproduction of its scientific advances and deployment of ITM's technology, which\nincludes:\n\n •Protection of the Company's intellectual property\n •Building large prototypes and undertaking demonstrations\n •Field trials\n •Production of pre-production designs\n •Procuring manufacture of final product\n •Commercialisation\n\nApplication for the admission to AIM of the Placing Shares has today been made\nand dealings are expected to commence on 9 May 2006. The Placing Shares will, on\nAdmission, rank pari passu with and will be identical in all respects to, the\nexisting Ordinary Shares.\n\nJim Heathcote, CEO, ITM Power Plc, commented: 'I am delighted with the response\nand support from investors. I believe that the funds raised position ITM to\neffectively undertake the next stage of its business strategy. Our strengthened\nbalance sheet will also help to secure ITM's intellectual property during the\nimplementation of our commercial plans.'\n\nEnds\n\nFor further information please contact:\n\nGemma Chandler Tim Linacre / Katherine Roe Simon Hudson/ Clemmie Carr\nITM Power Plc Panmure Gordon Tavistock Communications\nTel: 01799 532 860 Tel: 020 7459 3600 Tel: 020 7920 3150\nMob: 07921 057712\n\nAPPENDIX\n\nTERMS AND CONDITIONS OF AND IMPORTANT INFORMATION ON THE PLACING\n\nThe Placing and the terms and conditions herein, are directed exclusively at\ninvestment professionals (within Article 19 (5) of the Financial Service and\nMarkets Act 2000 (Financial Promotion) Order 2005 (as amended)) (such categ...