(Alliance News) - Microsaic Systems PLC on Tuesday announced it has conditionally raised GBP5 million through an oversubscribed placing for five billion shares at a price of 0.1 pence per share.
The developer of mass spectrometry instruments based in Woking, England said the placing is at a discount of 50% to the closing middle market price of 0.2 pence per share on January 15, which was the last practicable date prior to this announcement.
Shares in Microsaic were up 30% at 0.26 pence in London on Tuesday, following a 65% rise on January 5 compared to the day before.
Microsaic said shareholders will be able to vote on the placing by February 2 in time for the general meeting on February 4. Shareholders can also vote on a potential broker option, where placing broker Turner Pope Investments Ltd can allocate up to 500 million shares at the placing price until January 22 to meet any additional shares demands.
"The net funds from the placing will fund the commercialisation of Microsaic's current miniaturised products and services, provide funds to further develop Microsaic's product and service portfolio and fund general working capital purposes to drive increased revenues by collaborations and revenue sharing opportunities that build and extend our existing sales, marketing and distribution channels," said Chief Executive Glenn Tracey.
In addition, Microsaic announced it has hired Gerard Brandon as non-executive chair following the departure of Peter Grant, and appointed Nigel Burton as a non-executive director in the place of Eric Yeatman, who will be retrained as a consultant to the company.
Brandon holds the role of chief executive at DeepVerge PLC and Burton is a non-executive director at Blackrock Throgmorton Trust PLC.
By Zoe Wickens; zoewickens@alliancenews.com
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