Microsaic Systems plc (LON:MSYS) the developer of point of need mass spectrometry (“MS”) instruments, yesterday announced a Placing and the launch of the PrimaryBid Offer. The Company is pleased to announce that it has conditionally raised gross proceeds totalling, in aggregate, £5.5 million through the successful Placing and PrimaryBid Offer of 275,000,000 New Ordinary Shares at an Offer Price of 2 pence per New Ordinary Share (the “Fundraising”).
The PrimaryBid Offer has conditionally raised £101,840, which will result in the issue of 5,092,000 New Ordinary Shares. N+1 Singer has subscribed for 14,908,000 New Ordinary Shares pursuant to its underwriting obligation to the Company.
The Fundraising is conditional on, inter alia, the passing of the Special Resolution to be proposed at the General Meeting expected to be held at the offices of N+1 Singer, One Bartholomew Lane, London, EC2N 2AX at 10.00 a.m. on 22 June 2018 (the “General Meeting”). A circular which will provide further details of the Fundraising and will include a notice convening the General Meeting (the “Circular”), is expected to be sent to shareholders and to be available on the Company’s website today.
Application will be made to the London Stock Exchange for the admission of the New Ordinary Shares to trading on AIM. It is expected that Admission will occur and that dealings will commence at 8.00 am on 25 June 2018.
Glenn Tracey, CEO of Microsaic commented: “We are delighted to have completed this fundraise with a good mix of high calibre institutional and private investors. The new funds will not only strengthen the Company’s balance sheet and provide new opportunities, but also enable the Company to complete ongoing projects with our existing partner in bioprocessing. The fundraising will allow us to continue to further enhance our miniaturised mass spectrometer instruments to ensure our continued competitiveness, as well as put Microsaic in a stronger position to negotiate commercial partnerships.”
