Business
Conditional Placing to Raise up to ?4.28 million
Conditional Placing to Raise up to ?4.28 million.
About this update from Metir Plc
[{"type":"text","content":"\n \nRNS Number : 0391E Microsaic Systems plc 03 May 2013 \n \n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION (DIRECTLY OR INDIRECTLY) IN WHOLE OR IN PART IN, INTO, WITHIN OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.\n \n3 May 2013\nMicrosaic Systems plc\n(\"Microsaic\" or the \"Company\")\n \nConditional Placing to Raise up to £4.28 million\n \nMicrosaic Systems plc (AIM: MSYS), the developer of chip-based scientific instruments, is pleased to announce a conditional placing (\"Placing\") of 9,951,443 new ordinary shares of 0.25p each (\"Placing Shares\") at a price of 43 pence per share to raise up to £4.28 million (before expenses).\n \nHighlights:\n \n· Up to £4.28 million to be raised by way of a conditional Placing to certain existing institutional and other investors at a price of 43 pence per Placing Share (representing a discount of approximately 9.5 per cent. to the closing mid-market price of 47.5 pence on 2 May 2013)\n· Aggregate participation in the Placing by Microsaic directors of £306,000\n· Net proceeds of the Placing will be deployed to further the growth plans of the Company\n· Placing subject to the grant of the relevant authorities at a Company General Meeting to be held on 24 May 2013\n· Admission of the Placing Shares expected on 28 May 2013\n \nThe net proceeds of the Placing will provide the Company with the additional working capital and capital resources to execute its organic revenue growth plans, which are aimed at: (i) generating volume sales of its miniaturised MS (mass spectrometry) system by establishing the Company as an OEM partner (Original Equipment Manufacturer) to market leaders in scientific instruments in a number of parallel application areas, and (ii) developing its own sales channels to customers in niche, growth application areas. The strengthened balance sheet following completion of the Placing is also expected to increase the attractiveness of the Company to potential commercial partners.\n \nThe Placing will also enable the Company to continue investing in the development and production of its instruments and technologies. Developme...