(Alliance News) - Water Intelligence PLC on Wednesday announced that further to the announcement made earlier today, the placing has now closed following strong institutional demand and the bookbuild has been successfully concluded.
Earlier, the leak detection services provider had proposed to raise approximately GBP6.9 million through a placing and subscription of up to 749,893 shares at a price of 920 pence per share.
The issue price reflects a discount of 1.6% to Water Intelligence's closing price on Tuesday of 935p.
Shares in Water Intelligence were down 1.6% at 920.00 pence each in London on Wednesday afternoon.
WH Ireland and Dowgate Capital acted as joint brokers and bookrunners.
A further announcement will be made in due course confirming final details of the fundraising. Participants in the fundraising will be contacted by the bookrunners as soon as practicable to confirm their allocations.
The proceeds of the fundraising will be used to provide working capital to fuel further momentum in growth for 2021 and beyond based on the group's core drivers and five-year growth plan, the company said.
Amongst other things, the fundraising will be used to continue to build-out an expanded organisational infrastructure, especially hiring and training of additional leak detection and repair professionals, to meet market demand and sustain growth throughout Water Intelligence and its subsidiaries.
By Amrit Sahota; newsroom@alliancenews.com
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Water Intel. (WATR)