Microsaic Systems PLC - Surrey-based developer of real-time mass spectrometers - Raises GBP2.1 million via placing of 169.0 million new shares with new and existing investors at a price of 1.25 pence each. Says this will be used to satisfy consideration for the acquisition of Modern Water assets from DeepVerge PLC and Innovenn PLC for up to GBP100,000, as announced on Friday last week, and subsequent recommencement of operations and their integration; alongside for general working capital and additional growth funding for the enlarged Microsaic business following the acquisition.
Acting Executive Chair Bob Moore says: "We would like to thank our existing shareholders and new investors for the support they have shown for the refinancing of the company and its growth plans. We are delighted that the company intends to retain its AIM listing and, following admission, have the necessary financing to both complete an acquisition and provide capital to invest in and develop the enlarged business. The assets being acquired are complementary to the existing Microsaic business model. Using the acquired assets, we intend to restart the manufacture of Microtox bioreagents for water testing in the near term. Post acquisition, we will seek positive cash generation from these new activities and look to benefit from growth opportunities and potential synergies over the longer term. Microsaic's cost base has been significantly reduced and we will now operate a much leaner, more efficient model."
Shares in Microsaic are currently suspended.
By Greg Rosenvinge, Alliance News senior reporter
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Microsaic (MSYS)